McCary Stevens Associates Inc.

McCary Stevens Associates, Inc.
Commercial mortgage underwriters

Frequently asked questions specifically for borrowing from MSA

How do we submit a commercial mortgage loan request to McCary Stevens?
Contact (click here) one of us by phone or email and discuss the deal preliminarily with us. If it sounds like a deal we can finance, we'll take you through the process.

When do you lock spread and how much does it cost?
At application / commitment; we don't charge for locking spread.

When do you lock rate?
At any time after application / commitment; there is a nominal charge to lock rate prior to two days before scheduled closing; there is no fee two days before scheduled closing.

Who services your deals?
Our deals are serviced by pre-arranged, rating agency rated, master and special servicers or comparable large financial institutions.

Do you require escrows for taxes and insurance?
Usually.

Do you require escrows for TI and LC?
Depends on the property type and the particulars of the deal, but typically yes.

Can you finance unanchored retail properties?
Yes, and we often do.

Can you finance properties with asbestos?
Depending on the amount and type of asbestos, we can usually work out an asbestos management program that makes the deal work.

Can you finance older properties?
Yes, provided the property has been well maintained with an acceptable maintenance program for the future, and the property is still competitive in its market.

Can you finance properties in smaller, tertiary markets?
Yes, provided the property's market has a population of approximately 50,000 people.

Can you finance properties with second mortgages?
Usually no; however under certain circumstances we might be able to.

Can you finance properties with ground leases?
Yes, provided the language and business terms in the ground lease are acceptable to us or amendable.

Can you finance properties with above market rents in place?
Yes, provided the loan amount is adjusted to reflect current market rents.

Can you finance properties currently undergoing reconfiguration and releasing?
Sometimes. We have a loan program that can finance this type of property in transition provided the real estate fundamentals are good.

Can you finance construction / mini-perm loans?
No, not currently.

Can you lend to borrowers who have had past problem loans and loan workouts?
Yes, provided our complete due diligence of the borrower is satisfactory to us.

Do your borrowers have to become specially formed bankruptcy remote entities prior to closing?
Only for loans $15 million and larger. For smaller loans, we assess the existing borrower, and if there are no unusual risks of bankruptcy, the borrower does not need to change form.