Preferred Property Types

Prefer deals in the Loan Amount of $7,5000,000 to $25,000,000.

Vanderbilt Commercial Lending, Inc. is aggressively seeking and accepting Loan applications in the Continental U.S., Territories of the United States, and Canada for the following preferred property types: Multi-Family, Apartment Buildings, all types; Mixed-Use, Self-Storage, Parking Facilities, Condo–Single Unit(s).

  • Multi-family & apartment properties consisting of five [5] or more units are considered to be desirable properties by the Vanderbilt.
  • Mixed-use type properties are desirable in instances when income from residential leases generate 51% or more of total revenues.

Cautionary but will consider:  Condo-Full Buildings, Cooperatives, Manufacturing, Light Industrial, Retail and Office, Shopping Centers, Hotel and Hospitality, Single Tenant Occupancy.

  • Condominium and cooperative buildings will require additional consideration due to the complexities associated with the organizational structure.
  • Manufacturing and light industrial facilities should be carefully evaluated to determine how difficult it may be to reposition and/or liquidate the property.
  • Retail, office, shopping centers, hotel, and hospitality properties should be carefully evaluated to determine market supply & demand as well as the condition of the property.
  • Single-tenant properties must also be underwritten on a cash-flow thesis, carefully evaluating the financial condition of the tenant.

Rejecting but may consider under special circumstances:  Land (all phases), Gas-Stations (or proximity to), Dry Cleaners, Agriculture, Wrecking/Salvage Yards, Headline Risk Properties, Special Purpose/Singe User, Heavy Industrial, Owner Occupied.

  • Vanderbilt will not provide financing for loans secured by land.
  • Gas stations, dry cleaners, wrecking/salvage yards, and heavy industrial properties present too great of an environmental risk to Vanderbilt, and will not be accepted. Additionally, properties in close proximity to these types may also be precluded due to environmental concerns.
  • Headline risk properties include religious properties, educational facilities, and any other property type where foreclosure would generate negative publicity.
  • Special purpose/single use properties will generally not be accepted unless extraordinary mitigating factors are present. Special use properties include healthcare centers and municipal buildings.

Geographic Locations

Prefer:

California
West Coast (generally)
‘NFL Cities’
Urban
North-East

  • Properties located on the western coast of the United States are generally preferable to Vanderbilt, especially those within the state of California.
  • ‘NFL Cities’ refers to major metropolitan areas of the country that are home to major professional sports teams.
  • Cities located within prohibited states should not be considered eligible, such as Detroit or Atlanta.
  • Urban locations in general are preferable to Vanderbilt, and may typically be viewed more favorably even if they do not qualify as a ‘NFL City’.

Additional Consideration:

Texas, Florida, Arizona, Nevada
Mid-West (generally)
Suburban

  • The states of Texas, Florida, Arizona, and Nevada are to be reviewed more carefully, and may typically be considered less favorable by Vanderbilt. These states contain regions that are both positive and negative, and will be scrutinized more closely based on specific locations and demographics.
  • Loans secured by real estate in suburban areas or the mid-west will be considered on a case-by-case basis.

Usually Not:

Michigan, Georgia, Ohio
Rust Belt’
Gulf States
US Territories
Rural

The list of Rustbelt states would typically include: Connecticut, Illinois, Indiana, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, and Wisconsin.

  • Properties located in Michigan, Georgia, and Ohio should not be submitted for consideration at this time.
  • It is unlikely that the states comprising the ‘rust belt’, and that are located along the Gulf of Mexico (excluding FL & TX), will be approved by Vanderbilt. Submission of these loans is highly discouraged in order to promote efficiency; exceptions may be considered on a case-by-case basis.
  • Vanderbilt is not able to accommodate loan requests with this loan program outside of the United States, including US Territories (Guam, Puerto Rico, etc.)