R Desmond Services | Your Financing Advocate

COVID-19 Relief Loan

That’s why R DESMOND SERVICES is participating in a COVID-19 RELIEF LOAN PROGRAM where it offers financing up to $2,000,000 to businesses impacted by the pandemic. 

The Program effectively loosens underwriting guidelines with respect to cash flow requirements so businesses shut down by the government or taking responsible action to limit the spread of the disease can still qualify despite little or no cash flow. All loans are secured with adequate equity in virtually any form of real estate. 

The two-year Program is intended to give a struggling business the capital necessary to weather the economic storm by providing (1) a Shut-Down Period – no payments due for the first 3-months, (2) a Recovery Period – interest only payments for the next 9 months while the business is restored to a normal state, and (3) a Pay-Back Period – where the loan begins to amortize during the next year. 

     covid-19 Relief loan

  • COVID-19 Shut-Down Period: No payments are due for the first 3 months (as the first 3 months of payments are interest only, but are collected at closing). 
  • Recovery Period: Months 4-12, during which daily or weekly. Interest- Only payments are due. 
  • Pay-Back Recovery Period: Months 13-24, during which daily or weekly Principal & Interest payments are due, amortizing the loan over 48 months, with a balloon payment of principal due after the full 24-month term. 
  •  Merchants Eligible. Any business impacted by COVID-19 is eligible to participate. This includes businesses that have been shut down or are unable to conduct business as usual with little to no cash flow.
  • Collateral Acceptable: virtually any combination of real estate may be used as collateral. This includes commercial, industrial and residential properties including properties under construction, parking lots, gas stations, co-ops, mixed use, farms, etc.
  • Unacceptable: raw land, cemeteries, casinos, cannabis farms, churches/synagogues, etc. 

        Max LTVs & CLTVs

Up to 70% LTV when our lender is in first lien position for residential properties.  All other property types and/or junior lien positions <65% CLTV; subject to the sole discretion of the underwriter. The final disbursement of loan proceeds may be approximately 15% less than the loan amount to account for (1) interest payments collected at closing, and (2) origination fees and closing costs.

           Loan Program Structures Depending on Lien Position: 

First Lien Position. For businesses having real estate collateral that is free and clear, or with existing liens subordinating to our lenders loan. 

Junior Lien Position. For businesses having real estate collateral with existing senior liens and with enough equity where our lender will make a loan in junior lien position. 

Senior Lien Takeout with Piggyback Cash Out. For businesses having real estate collateral with existing senior liens and without enough equity where our lender will not make a single loan in junior lien position, our lender will make two loans: (a) a first lien takeout of existing senior liens, and (b) a piggyback cash out junior lien to our lenders first lien.

underwriting fees

  •  Internal Property Valuation (up-front): $500 for residential and $1,500 for commercial property. 
  •  Title Fee Cancellation Cost (up-front): $290 for a residential property; $365 for a commercial property. The cancellation cost is credited at closing.
  •  Appraisal Fee (up-front): for commercial/industrial properties with a loan amount >$1,000,000 – the cost varies by geographic location, typically $3,000 to $5,000 per property. 
  •  Borrower Funding Fee (net of proceeds): $1,500 processing plus 3% origination of the loan amount. Learn more by contacting us today!  

Address 970 Lake Carillon Drive Feather Sound, Suite 300
St. Petersburg, FL  33716
Phone number (720) 314-8884
Email info@rdesfinancial.com
(678) 536-2778

R Desmond Financial Services LLC dba R Desmond Services is a consultancy and advisory firm headquarted in Colorado Springs, CO. The operator of this website in NOT a lender, does not make offers for loans, and does not broker online loans to lenders or lending partners. Customers who arrive at www.rdesfinancial.com are paired with a lender or lending partner and redirected only to lenders or lending partners that offer business loan products.