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Commercial Lending

Welcome to the Rochester Business Journal’s Commercial Lending Directory, the only publication listing the range of business financing sources in the Greater Rochester area.
First published last year, the directory is intended to be a valuable resource for the spectrum of businesses–from those in the start-up and early growth phases to more established companies undertaking expansion. It should be useful as well to non-local firms considering relocation to Rochester.
Information in the directory was provided by the financing companies and institutions listed. Every effort was made to ensure that the listings are both accurate and as complete as possible.
Heading up the project at the Business Journal was Research Director Nathalie Gabirout. Call her at 546-8303 if your company or institution belongs in one of the categories listed below and did not receive a questionnaire; we will update our files for next year’s edition.
As always, let us know what you think of the Commercial Lending Directory and how we might make it even more useful as a business resource.

Listings:
Banks
General Lenders
Government Sources
Leasing Companies
Mortgage Companies

Commercial Lending

This is where the process can get tedious, but much less so if you are able to speak the bank representative’s lingo. With that in mind, here is a glossary of commercial lending terms worthy of your attention:
Acceleration clause: a provision in a note or contract that allows the holder to declare the remaining balance due and payable immediately upon default of an obligation. The usual cause of default is failure to pay interest or principal installments, or an adverse change in financing conditions or loan convenants.
Acid test: the ratio between a company’s most liquid assets and current liabilities. It represents the degree to which current liabilities can be paid with those assets.
Adjustment bureau: an organization that supervises debt extension and compromise arrangements or oversees the orderly liquidation of a troubled business for the benefit of trade creditors.
After-acquired property: security interest by which a secured creditor automatically obtains interest in assets that the debtor acquires after a lien has been filed.
Aging of accounts receivable: an accounting record of a customer’s receivables showing how long the receivables have remained unpaid beyond the regular terms of the sale. Used as a basis for advancing credit.
Amortization: the reduction of a loan by periodic principal and interest payments; reduction in book value of intangible assets over time.
Assigned account: an account receivable pledged by a borrower to a factor, bank or lender as security.
Assumed liability: acknowledgment of responsibility for payment of obligation by a third party.
Balance sheet: a financial statement that lists a company’s assets, liabilities and capital.
Balloon payment: a lump-sum payment of principal and sometimes accrued interest, usually due at the end of a term installment loan in which periodic installments of principal and interest did not fully amortize the loan.
Bridge loan: a loan that provides liquidity until a defined event occurs that will generate cash, such as the sale of a non-current asset, replacement financing or equity infusion.
Commitment fee: a lender’s charge for holding credit available, usually replaced with interest when funds are advanced. In business credit, the fee often charged for an unused portion of a line of credit.
Construction loan: interim financing for development and construction of real property, generally converted to long-term financing upon completion of construction.
Debt service: the total interest and principal payments on a debt due within a given time frame.
Direct financing: the purchase of direct claims by the ultimate lender without the services of a financial intermediary.
Five C’s of credit: method of evaluating potential borrower’s creditworthiness based on capacity, capital, character, collateral and conditions.
Letter of credit: a commitment wherein the issuing bank’s customer is a buyer of goods, and the bank promises to pay the seller upon presentation of certain documents representing shipment of the goods.
Liquidity: the measure of quality and adequacy of current assets to meet current obligations as they come due.
Loan-to-value ratio: the relationship, expressed as a percentage, between the principal amount of a loan and the appraised value of the asset securing financing.
Participation: the purchase by one bank of a portion or all of a loan originated by another bank.
Prime rate: the rate of interest designated by the bank as such, usually made available to the lending institution’s most preferred customers.
Profit-and-loss statement: a financial report of an individual’s or an entity’s revenue and expenses for a given period of time.
Rating: the assessment of a borrower’s financial strength and creditworthiness.
Secured loan: a loan supported by the borrower’s pledge of an asset such as marketable securities, accounts receivable, inventories, real estate or equipment.
Small Business Administration: a federal agency whose function is to advise and assist small businesses. It provides loan guaranties for small businesses, minorities and veterans as well as small firms that have suffered catastrophes.
Subordination: a signed agreement acknowledging that one’s claim or interest is inferior to another’s; the act of agreeing to take a secondary position.
Working capital: current assets divided by current liabilities, used as a measure of a firm’s liquidity. Funds available to finance a company’s current operations.
SOURCE: Robert Morris Associates, the Association of Bank Loan and Credit Officers, Philadelphia, Pa.
(Rick Woodson is a Rochester-area free-lance writer.)

Commercial Lending

BANK OF CASTILE
50 N. Main St.
Castile, N.Y. 14427
493-2577

Local head of operations: Brenda Copeland, president
Parent company: Letchworth
Independent Bancshares Corp.
Year established locally: 1869
Number of employees in the Rochester area: 130
Bank specialties: Agricultural lending, residential construction loans
Total assets as of 12/31/94: $212 million
Currently lending? Yes
Types of direct financing available: Commercial retail, manufacturing, agriculture, service, small businesses, consumer, home equity mortgages, residential mortgages, Visa/MasterCard.
Types of indirect financing available: Consumer retail program, automobile loans

DEBT FINANCING
Size of commercial loan portfolio: $70 million
Loan volume for last 12 months: $14 million
Number of SBA loans in last 12 months: 5-6
Will bank work with broker/finder? Not generally
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Working capital/seasonal credit lines, term loans, mortgages, construction financing
Types of real estate financed: Commercial, industrial, rental income, farmland
Types of real estate loans bank will not consider: Speculation
Characteristics of preferred clients: Strong cash flow, repayment ability, profitable, solvent, good debt/equity, good business plan/budgeting
Size of loans handled: Up to $2.2 million direct or greater with participation or government equity
Data required for financing: 3-year balance sheet, income/expenses, budgets
Average time to complete transaction: Varies; 1-4 weeks subject to underwriting
Fee structure: 0-2%
Typical interest rates as of 1/31/95: Variable, NY Prime 1 % to NY Prime 2.5%
Prepayment penalty: Varies; normally not on variable interest-rate basis
Minimum loan-to-value ratio: 75%
Minimum debt service coverage: 1.1 (110%)

WORKING CAPITAL LOANS
Size of loans handled: $2 million maximum
Minimum contract length: Revolving 1- to 5-year basis, term loans for qualified purchases to 2 years
Industry preferences: Small business, manufacturing, retail, wholesale, service, agricultural
Characteristics of preferred clients: Strong debt/worth, well-capitalized, high profitability/cash flow to debt-service- coverage strength, collateral
Data required for financing: 3-year balance sheets, income statements, business plan/budget
Average time to complete transaction: 1-4 weeks
Fee structure: Varies; 0%-2%
Prepayment penalty: Generally none, except with fixed-rate pricing
Minimum debt service coverage: 1.1 (110%)
Collateral preferred: Equipment, real estate, liquid securities
Will consider: Inventories, accounts receivable

Other loans available: Business/manager accounts receivable purchase program
Size of loans handled: Up to $1 million
Fee structure: Discounts at 2%-4%

CONTACTS
Brenda Copeland, president (493-2577)
David DeLaVergne, senior VP (237-6370)
Ronald Carney, VP (237-6151)

CANANDAIGUA NATIONAL BANK AND TRUST CO.
72 S. Main St.
Canandaigua, N.Y. 14424
394-4260

Local head of operations: George Hamlin IV, president and CEO
Parent company: Canandaigua National Corp.
Year established locally: 1887
Number of employees in the Rochester area: 167
Bank specialties: Consumer and commercial loans, trust and investment services
Total assets as of 12/31/94: $310 million
Currently lending? Yes
Types of direct financing available: Consumer, commercial and real estate
Types of indirect financing available: Vehicles, boats and mobile homes

DEBT FINANCING
Size of commercial loan portfolio: $127 million
Loan volume for last 12 months: $1,278,000 (SBA fiscal year ended9/30/94)
Number of SBA loans in last 12 months: 7 (SBA fiscal year ended9/30/94)
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Conventional commercial mortgages–20-year-term max
Types of real estate financed: Nothing specifically excluded
Characteristics of preferred clients: Sound management skills, reserve resources, demonstrated cash flow in excess of debt service
Size of loans handled: Maximum $5 million, no minimum
Data required for financing: 3-year financials, projections
Average time to complete transaction: Varies on deal type
Fee structure: Varies on deal type
Typical interest rates as of 1/31/95: Prime 1.5% to Prime 2%
Prepayment penalty: 0%-3%
Minimum loan-to-value ratio: 75%
Minimum debt service coverage: 1/10

WORKING CAPITAL LOANS
Size of loans handled: Maximum $1.5 million, no minimum
Minimum contract length: None
Industry preference: None
Characteristics of preferred clients: Demonstrated history of profitable operations and strong cash flow
Types of industries bank will not consider: None
Data required for financing: 3-year financials, projections
Average time to complete transaction: Varies
Fee structure: Varies
Prepayment penalty: Zero
Minimum debt service coverage: 1/25
Collateral preferred: Real estate, marketable securities
Will consider: Accounts receivable and inventory
Collateral advance rates: Varies

Other loans available: Small Business Administration, New York Business Development, Job Development Authority, Federal Home Loan Bank of New York Subsidized Loans
Size of loans handled: Varies
Fee structure: Varies

CONTACTS
James Minges, senior VP (394-4260, ext. 266)

CHASE MANHATTAN BANK N.A.
1 Chase Square
Rochester, N.Y. 14643
258-5000

Local head of operations: William Richardson
Parent company: Chase Manhattan Corp.
Year established locally: 1850
Number of employees in the Rochester area: 2,300
Bank specialties: Corporate finance
Total assets as of 12/31/94: $114,038,000,000
Currently lending? Yes
Types of direct financing available: Call contacts listed below for more information
Types of indirect financing available: Call contacts listed below for more information

COMMERCIAL REAL ESTATE LOANS
Types available: Construction loans, mini permanent mortgages
Types of real estate financed: Office, retail, apartments, warehouse, industrial
Types of real estate that bank will not consider: Hotels, land, special purpose
Characteristics of preferred clients: Demonstrated track record
Size of loans handled: $1 million to $10 million
Data required for financing: Completed application, current financial statements
Average time to complete transaction: 60 days
Fee structure: 1%-2%
Typical interest rates as of 1/31/95: Prime 1%
Prepayment penalty: Varies with pricing option selected
Maximum loan-to-value ratio: 80% (depending on project)
Minimum debt service coverage: 1.20 (depending on project)

CONTACTS
Malcolm Wolcott Jr., VP and segment executive, Middle Market (258-5102); Robert Ryan, VP and segment executive, Middle Market (258-7384); John Sorensen, VP and regional manager, Middle Market (258-5429); Wayne Olson, VP and division executive, Commercial Real Estate (258-4081); Edward Sigler, VP and regional manager, Commercial Real Estate (258-5454); Edward Perkowski, VP and leasing executive, Leasing (258-6475); K.S. Ramdas, VP and division executive, Small Business (258-5080); Michael DeVoria, VP and senior banker, Small Business (258-5437); William Vantyle, VP and senior banker (381-2879)

CHEMICAL BANK
300 Linden Oaks
Rochester, N.Y. 14625
387-3600

Local head of operations: Dale Lutz, regional president
Parent company: Chemical Bank, New York
Year established locally: 1973
Number of employees in the Rochester area: 40
Bank specialties: Providing financial services to corporations and municipalities; 1) credit: short-term lines of credit, revolving credit, term equipment financing and commercial mortgages; 2) cash management, depository, lockbox; 3) international trade services
Total assets as of 12/31/94: $171.4 billion

CITIBANK (NEW YORK STATE)
99 Garnsey Road
Pittsford, N.Y. 14534
546-0534

Local head of operations: Frederick Kulikowski
Parent company: Citicorp
Year established locally: 1972
Number of employees in the Rochester area: 341
Bank specialties: Full-service commercial bank
Total assets as of 12/31/94: $6.4 billion
Currently lending? Yes
Types of direct financing available: Lines of credit, term loans, owner-occupied mortgages, letters of credit, leases

COMMERCIAL REAL ESTATE LOANS
Types available: Owner-occupied mortgages; fixed-rate 3-, 5-, 7- and 10-year; 15-year fixed rate for medical professionals; payouts up to 25 years
Types of real estate financed: All types; must be owner-occupied in excess of 51%
Types of real estate loans bank will not consider: Investor financing, special use/recreational facilities
Characteristics of preferred clients: 75% maximum LTV, DSC of 1.5, 3 years in business, profitable, sufficient cash flow to cover all debts
Size of loans handled: $100,000-$10 million
Data required for financing: Varies depending upon size of transaction
Average time to complete transaction: 60 days to closing from complete package
Fee structure: 1%-1.5% fixed rates
Typical interest rates as of 1/31/95: Fixed, floating and matched funding
Prepayment penalty: Yield adjusted
Minimum loan-to-value ratio: 75%
Minimum debt service coverage: 1.15

WORKING CAPITAL LOANS
Size of loans handled: $25,000-$10 million
Minimum contract length: Negotiable
Industry preferences: Service, manufacturing, distribution, wholesale, medical profession
Characteristics of preferred clients: 3-year history, profitable
Types of industries bank will not consider: Munitions, political action, gambling
Data required for financing: Varies depending upon transaction size
Average time to complete transaction: 5 business days from complete application
Fee structure: Floating, fixed and matched funding available
Prepayment penalty: Yield adjusted
Minimum debt service coverage: 1.5
Collateral preferred: First-position GSA on all assets/personal guarantee
Will consider: Percentage of current receivables
Collateral advance rates: Variable

Other loans available: Equipment financing, term loan financing, temporary working capital, seasonal and operating lines of credit
Size of loans handled: $25,000-$10 million
Typical interest rates as of 1/31/95: Prime based 1%-1.5%, fixed or matched funded

CONTACTS
Charles Fiandach, Megan Henry, James Zimmer, Thomas O’Neil, John Bell, John Gucker, Richard DiVirgilio (546-0534) or (546-0561)

Commercial Lending

KEY BANK OF NEW YORK
2nd Floor
39 State St.
Rochester, N.Y. 14614
263-4709

Parent company: Key Corp.
Year established locally: 1983
Number of employees in the Rochester area: 200
Bank specialties: Asset-based lending, small-business lending, non-profit lending, agricultural lending, international
Total assets as of 12/31/94: $64.5 billion
Currently lending? Yes

DEBT FINANCING
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Construction, mini perm, permanent and bridge
Types of real estate financed: Apartments, offices, medical offices, warehouses, distribution facilities, shopping centers and free-standing retail boxes
Types of real estate loans bank will not consider: High-rise condominiums and land loans
Characteristics of preferred clients: Experience in field, liquidity, character and strong references
Size of loans handled: $500,000-$25 million
Data required for financing: Typical banking requirements
Average time to complete transaction: 120 days
Fee structure: 1% for construction; 5%- 1% for permanent loans
Typical interest rates as of 1/31/95: Floating Prime 1%; fixed – corresponding Treasury 3%
Prepayment penalty: 5, 4, 3, 2, 1
Minimum loan-to-value ratio: 1%
Minimum debt service coverage: 1.15x for apartments only

WORKING CAPITAL LOANS
Size of loans handled: $250,000
Minimum contract length: 1 year
Industry preferences: Wholesale, distribution, manufacturing
Characteristics of preferred clients: Manufacturing/wholesale distribution, non-profit
Types of industries bank will not consider: Construction companies
Data required for financing: 3-year financial, budget/projection
Average time to complete transaction: 4-6 weeks
Fee structure: Varies
Prepayment penalty: Fixed rates only
Minimum debt service coverage: 1.15x to 1.20x
Collateral preferred: General security agreement
Will consider: Outside collateral
Collateral advance rates: 80% on equipment; 75% to 80% A/B

EQUIPMENT LEASE FINANCING
Type of equipment leased: Vehicles, machinery and equipment
Size of loans handled: $100,000
Data required for financing: 3-year financial statements
Average time to complete transaction: 4-6 weeks
Maximum lease term: 7 years

CONTACTS
Commercial Lending:
Kenneth Conte, VP (263-4715); Steve Yantz, VP (263-3522); Timothy Merriman, assistant VP (263-4741); Lydia Birr, assistant VP (263-4765); Lori Strassner-Jones, VP, International Division, Business Development (263- 4732); David Balestiere, VP, Structured Finance Division (263-4710); Gary Werns, banking officer, Special Assets(263-4739)
Commercial Real Estate:
Thomas Crowley, VP (263-4742); Michael Tremiti, VP (263-4729)
Small Business Loan Center:
Tony Sciarabba, banking officer (263-3548); Michael Laskey, banking officer (263-3544)

LOCKPORT SAVINGS BANK
55 East Ave.
Lockport, N.Y. 14094
434-6621

Local head of operations: William Swan, president and CEO
Total assets as of 12/31/94: $916,185,000
Currently lending? Yes
Types of direct financing available: Construction and permanent loans to established business owners and real estate investors

DEBT FINANCING
Size of commercial loan portfolio: $128 million
Loan volume for last 12 months: $30,150,000
Number of SBA loans in last
12 months: 2
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Construction, permanent
Types of real estate financed: Apartment, office, medical/nursing, light industrial, retail, owner-occupied business
Types of real estate loans bank will not consider: Special purpose, recreational, seasonal, land development, condominium construction
Characteristics of preferred clients: Established real estate investors and business owners
Size of loans handled: $200,000- $5 million
Data required for financing: Tax returns, personal and/or business financials, leases
Average time to complete transaction:
1-2 months
Fee structure: Set according to market conditions; generally 1%-2% of commitment
Typical interest rates as of 1/31/95: 10.25% to 10.50% fixed-5-year and 5-year adjustable
Prepayment penalty: 5, 4, 3, 2, 1% each year of 5-year term
Maximum loan-to-value ratio: 75%- 80%
Minimum debt service coverage:
1.15-1.25

WORKING CAPITAL LOANS
Size of loans handled: $25,000- $250,000
Minimum contract length: 1 year
Industry preferences: Light manufacturing
Characteristics of preferred clients: Seasoned with positive track history, minimum 3 years of operation
Types of industries bank will not consider: Agricultural, highly technical businesses
Data required for financing: 3-year business financials, personal financials with supporting documents
Average time to complete transaction: 30-60 days
Collateral preferred: Real estate, inventory
Collateral advance rates: 80% receivables, 50% completed inventory

Other loans available: Term, lines of credit, secured financing, letters of credit
Size of loans handled: $25,000- $250,000
Fee structure: Par to 1%
Typical interest rates as of 1/31/95: Market

CONTACTS
Paul Taylor, VP (434-7851, ext. 239); Valentine Kazmierczak, assistant VP (434-7851, ext. 279); Joseph Janowski Jr., banking officer (434-7851, ext. 384)

LYNDON GUARANTY BANK OF NEW YORK
3670 Mt. Read Blvd.
Rochester, N.Y. 14616
663-8930

Local head of operations: Peter Hin
Parent company: ITT Financial Corp.
Year established locally: 1985
Number of employees in the Rochester area: 5
Bank specialties: Small-business loans, commercial mortgages, loans and investor real estate mortgages
Total assets as of 12/31/94: $16.5 million
Currently lending? Yes
Types of direct financing available: Commercial loans, commercial real estate loans, investor real estate and SBA loans

DEBT FINANCING
Size of commercial loan portfolio: $13 million
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Interim and permanent
Types of real estate financed: All types are considered
Types of real estate loans bank will not consider: Unimproved land
Characteristics of preferred clients: Owner-occupied, high net worth
Size of loans handled: $100,000 to $600,000
Data required for financing: Current financials, tax returns, appraisal, environmental
Average time to complete transaction: Depends upon transaction size

CONTACTS
Peter Hin, Carmen Arliotta (both at 663- 8930)

M&T BANK
44 Exchange St.
Rochester, N.Y. 14614
546-4500

Local head of operations: Brian Hickey
Parent company: First Empire State Corp.
Year established locally: 1888 (as Central Trust Co.)
Number of employees in the Rochester area: Approximately 400
Bank specialties: Full-service commercial bank
Total assets as of 12/31/94: $8.8 billion
Currently lending? Yes
Types of direct financing available: Commercial and industrial loans, commercial real estate loans, auto floor plan, SBA and other loans involving government agencies

DEBT FINANCING
Loan volume for last 12 months: $343 million
Number of SBA loans in last 12 months: 45
Will bank work with broker/finder? Will discuss
Participate with other entities? Will discuss
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Construction, development, permanent
Types of real estate financed: Most types
Types of real estate loans bank will not consider: Loans for illegal purposes
Characteristics of preferred clients: Experienced and creditworthy
Size of loans handled: Up to $50 million
Data required for financing: Varies with deal
Average time to complete transaction: Varies with deal
Fee structure: Varies with deal
Typical interest rates as of 1/31/95: Varies with deal
Prepayment penalty: Varies with deal
Minimum loan-to-value ratio: Varies with deal
Minimum debt service coverage: Varies with deal

WORKING CAPITAL LOANS
Size of loans handled: Up to $50 million
Minimum contract length: Reviewed annually
Industry preferences: Most types
Characteristics of preferred clients: Experienced and creditworthy
Types of industries bank will not consider: Loans for illegal purposes
Data required for financing: Varies with deal
Average time to complete transaction: Varies with deal
Fee structure: Varies with deal
Prepayment penalty: Varies with deal
Minimum debt service coverage: Varies with deal
Collateral preferred: Varies with deal
Will consider: Varies with deal
Collateral advance rates: Varies with deal

EQUIPMENT LEASE FINANCING
Type of equipment leased: Capital and operating leases for manufacturing equipment, computers, etc.
Size of loans handled: $7,500 and up
Data required for financing: Varies with deal
Average time to complete transaction: Varies with deal
Maximum lease term: Varies with deal

Other loans available: SBA, JDA, MCIDC, COMIDA and others
Size of loans handled: Varies with program
Typical interest rates as of 1/31/95: Varies with program

CONTACTS
Paul Moore, Commercial Middle Market (258-8438); Richard Mueller, Commercial Real Estate (258-8239); James Frank, Business Banking (258-8223)

Commercial Lending

MARINE MIDLAND BANK N.A.
1 Marine Midland Plaza
Rochester, N.Y. 14639
238-7112

Local head of operations: Kathleen Whelehan
Parent company: HSBC Holdings plc
Year established locally: 1823
Number of employees in the Rochester area: 500
Bank specialties: Full-service commercial bank
Total assets as of 12/31/94: $18.6 billion
Currently lending? Yes
Types of direct financing available: All types

DEBT FINANCING
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: All types
Types of real estate financed: Owner-occupied and investment

WORKING CAPITAL LOANS
Size of loans handled: No minimum or maximum

Other loans available: Bank will consider all loan requests

CONTACTS
Paul Willsey (238-7407)

NATIONAL BANK OF GENEVA
2 Seneca St.
Geneva, N.Y. 14456
315-789-2300

Local head of operations: Thomas Kime, president and CEO
Parent company: Financial Institutions Inc.
Year established locally: 1817
Number of employees in the Rochester area: 117
Bank specialties: Commercial, agricultural
Total assets as of 12/31/94: $245,405,000
Currently lending? Yes

DEBT FINANCING
Size of commercial loan portfolio: $73,870,000
Number of SBA loans in last
12 months: 30
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Construction, permanent commercial and agricultural
Types of real estate financed: Owner-occupied
Types of real estate loans bank will not consider: Speculative real estate
Size of loans handled: Varies
Data required for financing: 3-year historical, projections, personal tax statement
Average time to complete transaction:
Varies

WORKING CAPITAL LOANS
Size of loans handled: Varies
Data required for financing: 3-year historical, projections, personal taxes and statement
Collateral preferred: Business assets, personal guarantee
Collateral advance rate: Varies

Other loans available: Equipment term loans, guaranteed loans through SBA/ FmHa

CONTACTS
Stephen DeRaddo, executive VP (315- 787-3210); Clair Britt, senior VP (315- 787-3202)

ONBANK & TRUST CO.
1740 East Ave.
Rochester, N.Y. 14610
442-8893

Local head of operations: Charles Canan
Parent company: ONBANCorp Inc.
Year established locally: 1994
Number of employees in Rochester area: 76
Bank specialties: Commercial banking
Currently lending? Yes
Types of direct financing available: Commercial loans to corporate, middle market and small-business borrowers

DEBT FINANCING
Size of commercial loan portfolio: $400 million
Number of SBA loans in last 12 months: 45 during the SBA fiscal year 10/31/95
Will bank work with broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: Construction and permanent mortgages, multifamily and rated investor property
Types of real estate financed: Owner- occupied, religious structures
Types of real estate loan bank will not consider: None
Characteristics of preferred clients: Owners of commercial businesses, developers with long-term leases, apartment with low vacancies
Size of loans handled: Determined on a case-by-case basis
Data required for financing: Leases, purchase offer, personal and corporate finance information
Average time to complete transaction: Time frame based on individual loan request
Fee structure: 3/4 of 1% to 1.50%
Typical interest rates as of 1/31/95: Prime 1-2, 5-year Treasury note 250-350 basis
Prepayment penalty: Yes
Maximum loan-to-value ratio: 75%
Minimum debt service coverage: 1.15%

WORKING CAPITAL LOANS
Size of loans handled: Determined on a case-by-case basis
Maximum contract length: 10 years
Industry preferences: Manufacturing, service, distribution
Characteristics of preferred clients: 3 years in business, profitable, debt coverage 1.15%, consistent seasoned management
Types of industries bank will not consider: None
Data required for financing: 2-year corporate financial statements, 2-year tax returns, appraisals and accounts receivable
Average time to complete transaction: Varies in each case
Fee structure: Varies
Prepayment penalty: Usually none
Minimum debt service coverage: 1.15 times
Collateral preferred: Current assets, fixed assets
Collateral advance rates: Accounts receivable at 70%, inventory at 50%, fixed assets at 50%

EQUIPMENT LEASE FINANCING
Type of equipment leased: No prohibition
Size of loans handled: $2,500 to $5 million
Data required for financing: Complete current financial data on business and owner
Average time to complete transaction: Varies on an individual basis
Maximum lease term: 60 months

Other loans available: Loans to small businesses and low doc SBA loans under $100,000
Typical interest rates as of 1/31/95: Interest rates are based upon an index over the Prime Rate or 5-year Treasury bill

CONTACTS
Charles Canan, regional president (442- 8893); Anthony Sciarabba, assistant VP, Commercial Lending (442-0401); Roger Eck, VP, Community Lending (442- 1840); Mark Louer, VP, Commercial Real Estate (424-6748); Kenneth Scott, VP, Corporate Lending (424-6771)

ONTARIO NATIONAL BANK OF CLIFTON SPRINGS
26 E. Main St.
Clifton Springs, N.Y. 14432
315-462-2511

Local head of operations: Harry Burt
Parent company: ONB Corp.
Year established locally: 1907
Number of employees in the Rochester area: 29
Bank specialties: Commercial and commercial real estate
Total assets as of 12/31/94: $43,753,590.71
Currently lending? Yes
Types of direct financing available: Commercial mortgages, equity loans, receivables, equipment

DEBT FINANCING
Size of commercial loan portfolio: $5.1 million
Loan volume for last 12 months: $1.3 million
Number of SBA loans in last
12 months: 0
Will bank work with broker/finder? No
Participate with other entities? Yes
Offer servicing in-house? Yes

COMMERCIAL REAL ESTATE LOANS
Types available: 3-year balloon, amortization
Types of real estate financed: Smaller commercial enterprises located in bank’s market
Types of real estate loan bank will not consider: Typical high risk
Characteristics of preferred clients: Experienced, adequate equity, favorable credit history
Size of loans handled: $200,000
Data required for financing: Complete financial package
Average time to complete transaction: 60 days to closing
Fee structure: Points-legal-application
Typical interest rates as of 1/31/95: Negotiable
Prepayment penalty: None
Minimum loan-to-value ratio: 70%
Minimum debt service coverage: 1/12

WORKING CAPITAL LOANS
Size of loans handled: $200,000
Industry preferences: Manufacturing, service, professional, retail
Characteristics of preferred clients: Strong equity, net worth of principals
Types of industries that bank will not consider: Fixed-asset acquisition
Data required for financing: Complete financial package
Average time to complete transaction: 30 days
Fee structure: Negotiable

CONTACTS
Harry Burt, president and CEO (315-462- 2511)

Commercial Lending

BA CAPITAL INC.
1478 Marsh Road
Pittsford, N.Y. 14534
264-1700

Year established locally: 1992
Number of employees in the Rochester area: 3
Lending specialties: Commercial and residential mortgages, construction and development loans, consolidations, second mortgages, equipment receivables and inventory financing
Currently lending? Yes
Types of direct financing available: All types of mortgages
Types of indirect financing available: Mortgages, equity loans, development construction, receivables, equipment and inventory

DEBT FINANCING
Size of commercial loan portfolio: $6.2 million
Loan volume for last 12 months: $5 million
Number of SBA loans in last 12 months: 1
Will your company work with a broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

WORKING CAPITAL LOANS
Size of loans handled: $50,000-$500,000
Minimum contract length: 1 year
Industry preferences: Manufacturing, retail, service, professional
Characteristics of preferred clients: 3 years of NOI; in business 5 years
Data required for financing: Varies
Average time to complete transaction: 4 to 8 weeks
Fee structure: Varies
Prepayment penalty: Negotiable
Minimum debt service coverage: 1.25
Collateral preferred: Real estate, equipment, receivables, inventory, invoice
Collateral advance rates: 50%-80%

CONTACTS
Bill Aderman, president (264-1700)

CAPITAL FORMATION GROUP
400 Andrews St.
Rochester, N.Y. 14614
325-5760

Year established locally: 1992
Number of employees in the Rochester area: 6
Lending specialties: Mezzanine/subordinated financing, SBA loans
Currently lending? Yes
Types of indirect financing available: Private placements of debt and equity

Will your company work with a broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? No

WORKING CAPITAL LOANS
Size of loans handled: $2 million-$20 million
Minimum contract length: Flexible
Characteristics of preferred clients: Established, growing businesses
Average time to complete transaction: 2-6 weeks
Fee structure: Percentage of amount financed

Other types of financing offered: Junior debt, i.e. debt subordinated to bank debt

CONTACTS
David Waterman, managing director; John Buttrill, managing director (both at 325-5760)

GENESEE FINANCIAL CORP.
38 Twin Circle Drive
Rochester, N.Y. 14624
247-0687

Year established locally: 1993
Number of employees in the Rochester area: 3
Lending specialties: The purchase of a company’s accounts receivable known as factoring
Currently lending? Currently purchasing receivables
Types of direct financing available: Factoring
Types of indirect financing available: Consulting services in obtaining financing

Other types of financing offered:
Receivable purchasing; fund portfolio: $5,000-$500,000/month; number of contracts in last 12 months: 25; average time to complete transaction: 48 hours

CONTACTS
Lewis Mayer, president (247-0687); Sam Campanella, VP (247-0687)

GENESEE FUNDING INC.
Rochester, N.Y. 14625
70 Linden Oaks
383-5550

Year established locally: 1986
Parent company: Genesee Capital Inc.
Lending specialties: Growth and expansion financings, leveraged buy-outs
Currently lending? Yes
Types of direct financing available: Subordinated debt and preferred stock

CONTACTS
Stuart Marsh, president (383-5550)

GROVE FUNDING INC.
18 Grove Place
Rochester, N.Y. 14605
546-6610

Year established locally: 1988
Number of employees in the Rochester area: 3
Lending specialties: Commercial mortgages, retail, multifamily, office buildings, mixed-use, properties
Currently lending? Providing lenders
Types of direct financing available: Conventional
Types of indirect financing available: Private commercial mortgages

Will your company work with a broker/finder? Yes
Participate with other entities? Yes

WORKING CAPITAL LOANS
Size of loans handled: $100,000
Industry preferences: None
Data required for financing: Complete documentation
Average time to complete transaction: 60-90 days
Fee structure: 1%-3% of proceeds
Collateral preferred: All types
Will consider: All types

EQUIPMENT LEASE FINANCING
Type of equipment leased: All types
Size of loans handled: $100,000 and up
Data required for financing: Complete documentation
Average time to complete transaction: 2-4 weeks
Maximum lease term: 60 months

Other types of financing offered: Private commercial mortgages

CONTACTS
Andrew Geyer, manager (546-6610); Richard Walker, VP (546-6610); Edward Thaney, president (546-6610)

IBERO-AMERICAN
Investors Corp.
104 Scio St.
Rochester, N.Y. 14604
262-3440

Year established locally: 1979
Number of employees in the Rochester area: 4
Lending specialties: Venture capital and minority business loans
Currently lending? Yes
Types of direct financing available: Loans and debentures equity investments in minority women-owned businesses
Types of indirect financing available: Guarantees for clients at commercial banks

DEBT FINANCING
Size of commercial loan portfolio: $7 million
Loan volume for last 12 months:
$1 million
Will your company work with a broker/finder? Yes
Participate with other entities? Yes
Offer servicing in-house? Yes

WORKING CAPITAL LOANS
Size of loans handled: $10,000-$500,000
Minimum contract length: 5 years
Industry preferences: Diversified
Characteristics of preferred clients: Minorities and women
Data required for financing: Business plan
Average time to complete transaction: 45-60 days
Fee structure: $50-$500
Prepayment penalty: None
Collateral preferred: Real estate
Will consider: Any type

CONTACTS
Emilio Serrano, president; Jerome Murtha, chief lending officer (both at 262- 3440)

MERRILL LYNCH
Suite 1500
1 Chase Square
Rochester, N.Y. 14604
263-6600

Year established locally: 1914
Number of employees in the Rochester area: 70
Lending specialties: Lines of credit, term loans
Currently lending? Yes
Types of direct financing available: Lines of credit, term loans, private placements, senior debt, ESOP loans
Types of indirect financing available: Leasing, asset-based lending, SBA financing, commercial mortgages

DEBT FINANCING
Size of commercial loan portfolio: $1.1 billion
Loan volume for last 12 months: $555 million
Number of SBA loans in last 12 months: 0
Will your company work with a broker/finder? No
Participate with other entities? Yes
Offer servicing in-house? Yes

WORKING CAPITAL LOANS
Size of loans handled: $300,000-$10 million
Minimum contract length: 1 year
Industry preferences: Manufacturers, distributors, wholesalers, retailers, service companies
Characteristics of preferred clients: In business for 5 or more years; stable trends in profits and sales; profitable for last 3 years; sales of $3 million or more
Types of industries company will not consider: Restaurants, bars, real estate companies
Data required for financing: Complete financial package on company and owners, credit application
Average time to complete transaction: 3 weeks
Fee structure: Depends on size and strength of credit
Prepayment penalty: None
Minimum debt service coverage: 1:1
Collateral preferred: Accounts receivable, inventory, equipment
Will consider: Liquid collateral, i.e. stocks, bonds, mutuals
Collateral advance rates: 85% accounts receivable; 50% inventory, 100% equipment

OTHER LOANS AVAILABLE
Term Loans
Size of loans handled: $300,000-$10 million
Term: 7 years
Purpose: Equipment financing 100%
WCMA term loan: Combination of a term loan and revolving line of credit

Private Placement
Size handled: Deal size $8 million and up
Purpose: For companies looking to finance acquisitions, growth plans, transfer of shareholder wealth

Senior Debt
Size handled: $10 million and up
Purpose: Company’s current bank is restricting growth; company is unhappy with current banking relationship; company is in need of asset-based lender

CONTACTS
David Lojpersberger, finance manager
(263-6600)

Commercial Lending

CITY OF BATAVIA
City Hall
10 W. Main St.
Batavia, N.Y. 14020/343-8180

Local person in charge: William Reemtsen, city administrator
Year established locally: 1983

Types of direct financing available: Small industrial business revolving loan fund

REVOLVING LOAN FUNDS
Total amount of revolving loan fund: $239,484.29 as of October 1994
Dollar range of loans available from fund: 25% or $30,000 maximum
Data required for loan application: Credit check of all owners, business plan, presentation to small investment agency, $50 application fee
Borrower eligibility requirements: Good credit rating, located within the city of Batavia, business creates or retains jobs
Average length of time to obtain a loan (from application to final approval): 1 month
Preferred industries for this program: Small industrial business that creates and/or retains jobs in the city of Batavia

GENESEE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
1 Mill St.
Batavia, N.Y. 14020
343-4866

Local person in charge: Glenn Cooke, executive director
Year established locally: 1970

Types of direct financing available: Fixed asset and working capital, industrial revenue bonding and direct loans

REVOLVING LOAN FUNDS
Total amount of revolving loan fund: $1.2 million
Dollar range of loans available from fund: $10,000-$100,000
Data required for loan application: Business plan, corporate and personal financial statements, credit check, list of collateral
Borrower eligibility requirements: Borrower must be project occupant and demonstrate need; business in Genesee County
Average length of time to obtain a loan (from application to final approval): 2 months
Preferred industries for this program: Manufacturing or related industrial activities

Other loan programs available: Job Development Authority loans, city of Batavia loans, regional loan funds
Size of loans available: $10,000- $100,000
Data required for application: Same as Genesee County Industrial Development Agency
Eligibility requirements: Same as Genesee County Industrial Development Agency
Length of application process: 2-3 months

CONTACTS
Glenn Cooke, executive director; Barbara Middleton, economic development specialist

MONROE COUNTY COMMUNITY DEVELOPMENT BLOCK GRANT REVOLVING LOAN FUND
Suite 600
1 W. Main St.
Rochester, N.Y. 14614
428-5469

Local person in charge: Rocco DiGiovanni
Year established locally: 1991

Types of direct financing available: Equipment, real estate

REVOLVING LOAN FUNDS
Total amount of revolving loan fund: $300,000
Dollar range of loans available from fund: $20,000-$100,000
Data required for loan application: 3- year financials, projections, personal financial statements
Borrower eligibility requirements: Must show need, gap in financing, create jobs for individuals of low/moderate income (primarily for manufacturers)
Average length of time to obtain a loan (from application to final approval): 60 days
Preferred industries for this program: Manufacturers

Other loan programs available: SBA 504 loans, JDA direct loans

MONROE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
1 W. Main St.
Rochester, N.Y. 14604
428-2189

Local person in charge: Martin Lawson
Year established locally: 1975

Types of direct funding: Real estate and equipment through tax-exempt bond, taxable bonds and sale leaseback

REVOLVING LOAN FUNDS
Dollar range of loans available from fund: $200,000-$10 million
Data required for loan application: 3- year financials, projections, business history
Borrower eligibility requirements: Manufacturers, wholesalers, distributors
Average length of time to obtain a loan (from application to final approval): 30 days
Preferred industries for this program: Manufacturers

MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP.
Suite 600
1 W. Main St.
Rochester, N.Y. 14604
428-5469

Contact person: Judy Seil
Year established locally: 1962

Types of indirect financing available: Local development corporation for JDA direct loans and certified development corporation for SBA 504 loans

REVOLVING LOAN FUNDS
Total amount of revolving loan fund: $300,000
Dollar range of loans available from fund: $25,000-$75,000
Data required for loan application: Financial statements (3 years), projections, personal financial statements, business history
Borrower eligibility requirements: Manufacturers, wholesalers, distributors
Average length of time to obtain a loan (from application to final approval): 45 days
Preferred industries for this program: Manufacturers

ONTARIO COUNTY OFFICE OF ECONOMIC DEVELOPMENT
2525 Rochester Road
Canandaigua, N.Y. 14425
396-4460

Local person in charge: Michael Manikowski
Year established locally: 1987

Types of direct financing available: HUD-financed revolving loan program available to county manufacturers and industrial companies
Types of indirect financing available: Through IDA, safe leaseback transactions and industrial revenue bond financing

REVOLVING LOAN FUNDS
Total amount of revolving loan fund: $3.8 million outstanding
Dollar range of loans available from fund: $150,000-$400,000
Data required for loan application: Business plan, financial statements, projections, company history, formal application
Borrower eligibility requirements: Manufacturing or industrial company located in Ontario County, or to be located in Canandaigua
Average length of time to obtain a loan (from application to final approval): 6 weeks-3 months for processing

CONTACTS
Roberta Hutchison, assistant economic developer for revolving loan fund; Michael Manikowski, economic developer for IDA-related projects

ROCHESTER ECONOMIC DEVELOPMENT CORP.
30 Church St.
Rochester, N.Y. 14614
428-6809

Local person in charge: Fashun Ku
Year established locally: 1983

Types of direct financing available: Fixed assets, machinery and equipment, working capital and equity

REVOLVING LOAN FUNDS
Total amount of revolving loan fund: $3 million
Dollar range of loans available from fund: $50,000-$200,000
Data required for loan application: Same as typical bank requirements
Borrower eligibility requirements: The business must be located in the city of Rochester
Average length of time to obtain a loan (from application to final approval): 6 weeks
Preferred industries for this program: Manufacturing, commercial projects

Other loans available: NYS Job Development Authority, City of Rochester Industrial Revolving Loan Fund, Federal Small Business Administration
Size of loans available: $30,000-$2 million
Eligibility requirements: Same as bank requirements
Length of application process: 3 months
Preferred industries for these programs: Manufacturing, commercial and retail

CONTACTS
Fashun Ku, deputy commissioner of Economic Development-city of Rochester and president of Rochester Economic Development Corp.

Commercial Lending

EMPIRE NATIONAL
Leasing Inc.
350 Cayuga Road
Buffalo, N.Y. 14225
436-4240

Year established locally: 1984
Number of employees in the Rochester area: 4
Currently lending? Yes
Types of direct financing available: Leasing
Types of indirect financing available: Leasing

EQUIPMENT LEASE FINANCING
Type of equipment leased: All types of commercial equipment
Size of loan handled: $2,000 and higher; no maximum amount
Data required for financing: Credit application only up to $75,000
Average time to complete transaction: 24 hours
Maximum lease term: 60 months

CONTACTS
Joseph David, president; Traci Stadler, VP; Jon Albertson, national sales manager; Diane Benson, national sales manager (632-3445)

GENESEE LEASING INC.
2550 Baird Road
Penfield, N.Y. 14526
387-9400

Year established locally: 1983
Number of employees in the Rochester area: 7
Lending specialties: Equipment lease financing
Currently lending? Yes
Types of direct financing available: Finance, true and operating leases

EQUIPMENT LEASE FINANCING
Type of equipment leased: All general- purpose office and manufacturing equipment
Size of loan handled: Minimum $5,000
Data required for financing: 2-3 years financial statements
Average time to complete transaction: 48 hours from receipt of all information
Maximum lease term: 7 years

Other types of financing offered: Wide range of leasing services including but not limited to operating leases, finance, municipal and TRAC leases

CONTACTS
Paul Soscia, president; Marie Mohar, marketing manager, leasing programs; Sam Gueli, manager, credit facility services

KEYSTONE CAPITAL CORP.
200 Eastern Blvd.
Canandaigua, N.Y. 14424
396-2790

Year established locally: 1990
Number of employees in the Rochester area: 5
Lending specialties: Transportation equipment lease financing
Currently lending? Yes
Types of direct financing available: Commercial, business leasing and financing

EQUIPMENT LEASE FINANCING
Type of equipment leased: Paratransit buses, vans, commercial transportation equipment
Size of loan handled: $25,000 and up
Data required for financing: Varies
Average time to complete transaction: 48 hours
Maximum lease term: 60 months

CONTACTS
Patricia Frarey, VP (396-2790)

METROLEASE INC.
250 Mill St.
Rochester, N.Y. 14614
777-4010

Parent company: MetroLease Inc., Huntley, Ill.
Year established locally: 1992
Number of employees in the Rochester area: 1
Lending specialties: Equipment leasing
Currently lending? Yes
Types of direct financing available: Equipment leasing

EQUIPMENT LEASE FINANCING
Type of equipment leased: Most types
Size of loan handled: $5,000 to $250,000
Data required for financing: Application only to $35,000; over $35,000, full financial disclosure required
Average time to complete transaction: 24 hours
Maximum lease term: 7 years

CONTACTS
Greg Millner, regional sales
(777-4010); Dale Engel, VP of sales (777-1886)

PATORA LEASING CORP.
105 Turk Hill Park
Fairport, N.Y. 14450
223-1450

Year established locally: 1992
Number of employees in the Rochester area: 3
Lending specialties: Computers, furniture, machinery, medical equipment
Currently lending? Yes
Types of direct financing available: Equipment leases

EQUIPMENT LEASE FINANCING
Type of equipment leased: Any capital equipment including computers, furniture, machinery
Size of loan handled: $1,000-
$1 million
Data required for financing: Application only for up to $50,000 in equipment costs
Average time to complete transaction: 24-48 hours
Maximum lease term: 60 months

Other types of financing offered: Accounts receivable financing

CONTACTS
Tim Henderson, president (223-1450); Greg Lefebre, national sales manager (223-1450)

REAL LEASE INC.
20 N. Main St.
Pittsford, N.Y. 14534
248-5720

Year established locally: 1988
Number of employees in the Rochester area: 4
Lending specialties: Business/ commercial and tax-exempt municipal leasing
Currently lending? Yes
Types of direct financing available: Business/commercial and tax-exempt municipal leasing and financing
Types of indirect financing available: Same

EQUIPMENT LEASE FINANCING
Type of equipment leased: General lessor including manufacturing, medical, office, computer, production, machine tool, energy, management, telecommunications; most equipment considered
Size of loan handled: $1,000 –
$20 million
Data required for financing: Application only to $35,000; financial disclosure over $35,000
Average time to complete transaction: 48-72 hours for most transactions
Maximum lease term: 7-10 years (84- 120 months)

CONTACTS
Robert Noonan, president; Patricia Moore, new business; Margaret Westbrook, administration (all at 248- 5720)

TAYLOR-BOLANE ASSOCIATES INC.
Suite 500
400 Andrews St.
Rochester, N.Y. 14604
263-2620

Year established locally: 1984
Number of employees in the Rochester area: 8
Currently lending? Yes
Types of indirect financing available: Equipment leasing

EQUIPMENT LEASE FINANCING
Type of equipment leased: Manufacturing, office, material handling
Size of loan handled: Minimum $25,000
Data required for financing: Standard financial information (year-end statements)
Average time to complete transaction: Depends on equipment delivery
Maximum lease term: 60 months

CONTACTS
James Taylor, president; Robert McGraw, Rochester regional representative (both at 263-2620)

Commercial Lending

THE ASSOCIATES
P.O. Box 507
Webster, N.Y. 14580
671-4200

Type of company: Mortgage banker
Local head of operations: Kelly Meyers
Year established locally: 1992
Number of employees in Rochester area: 30
Lending specialties: Personal loans and mortgages
Currently lending? Yes

CONTACTS
Bob Rizzo Jr., branch manager, Webster (671-4200); Joe Gross, branch manager, Pittsford (385-5930); Scott Simons, branch manager, Henrietta (424-2620); Kevin Schuman, branch manager, Irondequoit (467-8890)

BRENTWOOD MORTGAGE
6800 Pittsford-Palmyra Road
Fairport, N.Y. 14450
426-2507

Type of company: Mortgage broker
Local head of operations: Eric Hess
Year established locally: 1987
Number of employees in the Rochester area: 6
Lending specialties: Residential, commercial, construction, mixed-use
Currently lending? Yes
Types of direct financing available: Construction loans
Types of indirect financing available: All cash-out available

DEBT FINANCING
Loan volume for last 12 months: $8 million
Total number of loans in last 12 months: 5
Percent of loans made directly: 0%
Percent of loans made as an intermediary: 100%

COMMERCIAL REAL ESTATE LOANS
Types available: All cash-out available
Types of real estate financed: All commercial, apartment buildings, mixed use
Size of loans handled: $5 million and up
Contract length: To 25 years
Data required for financing: Full documentation
Average time to complete transaction: 60 days
Fee structure: 1% to 5%
Typical interest rates as of 1/31/95: Prime 1%
Prepayment penalty: Not always
Minimum loan-to-value ratio: 75%

CONTACTS
Eric Hess (425-2507)

FIRST FUNDING GROUP
633 Park Ave.
Rochester, N.Y. 14610
473-6620

Type of company: Mortgage broker
Local head of operations: Patrick Niland
Year established locally: 1987
Number of employees in the Rochester area: 2
Lending specialties: Commercial mortgages for income, producing property (apartment buildings, office buildings, shopping centers, etc.)
Currently lending? No
Types of direct financing available: NA
Types of indirect financing available: First and second mortgages, credit lines, construction loans

DEBT FINANCING
Loan volume for last 12 months: $50 million
Total number of loans in last 12 months: 42
Percent of loans made directly: 0%
Percent of loans made as an intermediary: 100%

COMMERCIAL REAL ESTATE LOANS
Types available: First mortgage loans
Types of real estate financed: Apartment buildings, shopping centers, office buildings
Size of loans handled: $250,000
Contract length: 5 years
Data required for financing: Complete operating history
Average time to complete transaction: 60-90 days
Fee structure: Negotiable
Typical interest rates as of 2/14/95: 9.00% to 10.50%
Prepayment penalty: Negotiable
Maximum loan-to-value ratio: 85%
Minimum debt service coverage: 1.00 to 1.00

CONTACTS
Patrick Niland (473-6305)

FIRST HERITAGE FINANCIAL CORP.
10 Grove St.
Pittsford, N.Y. 14534
264-1330

Type of company: Mortgage broker
Local head of operations: Michael Crowley
Year established locally: 1990
Number of employees in the Rochester area: 13
Lending specialties: Small-business loans (SBA), commercial, real estate, multifamily apartments, joint venture funding and partnerships

Currently lending? Yes
Types of direct financing available: Only as a broker
Types of indirect financing available: Full-service commercial and small-business lender for all types and sizes of commercial or business financing

DEBT FINANCING
Size of commercial loan portfolio: $50 million
Total number of loans in last 12 months: 100
Percent of loans made directly: 0%
Percent of loans made as an intermediary: 100%

COMMERCIAL REAL ESTATE LOANS
Types available: All types and sizes of commercial and multifamily loans
Types of real estate financed: All types and sizes
Size of loans handled:
$100,000 to $10 million and up
Contract length: 90 days
Data required for financing: 2-year financial statements preferred
Average time to complete transaction: 60 days
Fee structure: Flat rate or consulting fee
Typical interest rates as of 1/31/95: 10.5% or Prime 1.5%-2.5%
Prepayment penalty: Varies by lender
Minimum loan-to-value ratio: 90%
Minimum debt service
coverage: 1.25

CONTACTS
Michael Crowley, managing director (264-1330), (647-0484) or (800-627- 6953)

FIRST MARYLAND MORTGAGE CORP./FIRST NATIONAL BANK OF MARYLAND
1100 University Ave.
Rochester, N.Y. 14607
256-6518

Type of company: Mortgage banker, direct lender
Local head of operations: Arnold Smeenk, VP
Year established locally: 1990
Number of employees in the Rochester area: 1
Lending specialties: Apartments, retail, mobile home parks, adult care, hotels, warehouses; loans above $1 million
Currently lending? Yes
Types of direct financing available: 1- year adjustable; 5-, 7-, 10-, 15-year fixed rates on apartments
Types of indirect financing available: 5-, 7- or 10-year fixed rate on apartments, retail, hotels, warehouses, mobil home parks

DEBT FINANCING
Size of commercial loan portfolio: Mortgage company: $550 million; bank: $4 billion
Loan volume for last 12 months: $110 million
Total number of loans in last 12 months: 25
Percent of loans made directly: 50%
Percent of loans made as an intermediary: 50%

COMMERCIAL REAL ESTATE LOANS
Types available: 1-year adjustable; 5-, 7-, 10-, 15-year fixed rate
Types of real estate financed: Apartments, adult care, retail, mobile home parks, hotels, warehouse
Size of loans handled: $1 million to $30 million
Contract length: 5-15 years
Data required for financing: Financial history, appraisal, rent roll
Average time to complete transaction: 90 days
Fee structure: 1-2 points, depending on loan size
Typical interest rates as of 1/31/95: 7- year fixed rate, 9.5%
Prepayment penalty: Yield maintenance for first 5 years on most 7-year deals
Maximum loan-to-value ratio: 80%
Minimum debt service coverage: 1.15

Other loans available:
FHA, HUD loans for apartments

CONTACTS
Arnold Smeenk, VP (256-6518)

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The importance of female mentorship, leadership, and innovation in banking (access required)

In my 10 years at Tompkins and 35 cumulative years in the banking field, I’ve witnessed the industry undergo several ...

Highland Hospital Gala (access required)

This year’s casino-themed Highland Hospital Gala raised its second highest amount ever, with more than $650,000 gross net income thanks ...

Inflation: How did we get here and what can be done about it? (access required)

If you’re in your 50s - o.k. early 50s - you probably remember a time when a gallon of gas ...

Reflections on pediatrics, the pandemic, and the Golden Circle (access required)

Imagine this: Your business has been open for only five months and is doing really well. Revenue is higher than ...

Will 2022 be the year of the vacation home? (access required)

With some COVID-19 restrictions relaxing and others already lifted, the smell of tourism is in the air. Demand for leisure ...

Transition services valuable for aging population (access required)

What do you need to stay safe in your family home, even if your home is getting to be too ...

Elder transition planning: Family mediation for older adults & their loved ones (access required)

The journey of aging is rarely a smooth one. As older adults and their families face emotional, financial and health ...

Senior living communities consider how to be more diverse, inclusive, accessible (access required)

The nation’s senior population is the largest and most diverse in history, according to the most recent census data from ...

Why is inflation so scary for my retirement plan? (access required)

Over the past decade, investors experienced a best-case scenario of relatively low inflation and strong investment returns from both stocks ...

A thoroughbred racehorse whose impact was not lost on us

It seemed like a good deal at the time – a rattletrap Ford van with more than 100,000 miles on ...

Ensuring your financial plan can withstand negative conditions  (access required)

Financial plans differ based on individuals’ incomes, future goals, age and tolerance for risk, but often unconsidered in those plans ...

Boomerang employees: tips on how to welcome team members home (access required)

Every manager at every level has experienced it — that awful feeling in the pit of your stomach when one ...

Spring cleaning: Considering program sustainability (access required)

There has never been a better time to consider the sustainability of your program activities and take action to address ...

Financial advisors can guide through tough times (access required)

With the country facing rising inflation and interest rates, as well as the lingering COVID-19 pandemic and the war in ...

Are you discriminating against employees with caregiving responsibilities? (access required)

As the world enters year three of the COVID-19 pandemic, the Equal Employment Opportunity Commission (“EEOC”) has issued a warning ...

Rochester accelerates its pace to become top tech hub in America (access required)

Rochester is on its way to becoming a national hub for technology innovation. Experts predict that it has the highest ...

A simple game for investors: How would you play? (access required)

Some years ago, financial author and advisor, Bill Schultheis, devised a simple game to illustrate the difficulty faced by investors ...

You need to improve your technology, but where do you start? (access required)

Technology is advancing at warp speed and certainly some innovations could benefit you and your company, but it’s easy to ...

Innovation advancements on display as Rochester continues to grow its technology ecosystem (access required)

From LIDROTEC, a company with patent-pending wafer dicing laser machines for the semiconductor industry to Stratio, which provides artificial intelligence ...

Milo the Dog has had a golden impact on Red Wings baseball, community

They had trained together five days a week for nearly six months in the backyard solitude of Josh Snyder’s rural ...

M&A middle-market activity: What businesses need to know (access required)

 Understanding the ins and outs, trends and activities going on in M&A markets can help businesses make informed decisions including ...

5 things to consider before deciding to work for yourself (access required)

When people ask me what I do, now that I’m out of television, I simply say, “I have my own ...

M&A lawyers keep busy despite pandemic barriers (access required)

2021 was a record-breaking year globally and nationally for mergers (combining two separate businesses into one new legal entity) and ...

Ending violent crime requires building trust between police, community (access required)

Rochester has recently been the recipient of many state, federal and private investments that create a true path for transformational ...

Former UR assistant Jay Wright continues working his hoops magic

Mike Neer likes to joke that he doesn’t get enough credit for helping Jay Wright become the best-dressed coach in ...

Four ways to prepare your business for the future of digital payments (access required)

Digital transformation continues to sweep the country — especially as more companies and their customers embrace digital payment technologies.Here are ...

Managing Our Manufacturing Plants in 2022 (access required)

There have been dramatic shifts in both the needs and the realities of manufacturing the United States over the past ...

“Rounding Errors” Can Add Up Quickly (access required)

It’s time to talk about time. For many employees, their lunch break is a time when they can step away ...

Just In Time production method becoming obsolete with supply chain issues (access required)

Just In Time (JIT) is a production method pioneered in the 1930s by Toyota Motor Corporation as a means to ...

Rochester firms embrace 3D printing for multiple purposes (access required)

Firms are using 3D printing to create unique tools, parts and other objects right here in Rochester, allowing for new ...

From mentee to mentor: the benefits mentorship provides for women in business (access required)

March marks Women’s History Month. It is a time to honor the strong, brave women who have broken down barriers, ...

Working across the ages: multigenerational teams offer multiple benefits (access required)

Quick: How long is the average career? If you guessed 40 years, you would’ve been right a few years ago. ...

Energy, dedication drive entrepreneurs at any age (access required)

Younger women who grew up with technology and worked in the gig economy may be more comfortable with the pace ...

Opining on Brandon Beane, SU hoops, a poor investment, baseball’s return

If you pressed me to rank the most indispensable Buffalo Bills of this glorious era, I’d go with quarterback Josh ...

Topics that don’t focus on COVID-19 for nonprofit leaders (access required)

For obvious reasons, COVID-19-19 and the many elements of disruption it has caused continue to dominate conversation at organizations of ...

March worldwide water, climate events are close to home (access required)

March marks two worldwide awareness events for the environment: World Water Day and Earth Hour. In Rochester, New York, these ...

Revisiting Art Schlichter’s sad tale of gambling addiction

Monday’s seismic news that Atlanta Falcons star receiver Calvin Ridley had been suspended for the 2022 season for betting on ...

Mentoring is an art passed from one generation to the next (access required)

Ahhh, what to say about the important art of mentoring? It is certainly an art and, in preparation for this ...

Protect intellectual property from the start (access required)

When it comes to intellectual property (IP), the old English idiom “penny wise and pound foolish” never goes out of ...

A loving team helped Chris Lillis ascend to Winter Olympic gold

Bernie Lillis points with pride to a framed photograph on the mantelpiece above the fireplace of his Fairport home. There ...

Three takeaways from Super Bowl ads to apply to marketing (access required)

Super Bowl ads deliver on a few recurring themes every year, and this year was no different. Whether it’s nostalgia ...

I Bonds: A rare bright spot for the income investor (access required)

Investors have a natural affinity for income-producing investments. A steady stream of investment income is comforting even if it is ...

What AG report on ‘credential stuffing’ hacks mean for your business (access required)

In January, New York Attorney General Letitia James released a report summarizing the findings of a broad investigation into so-called ...

Data privacy and security concerns with rise of online betting, gaming (access required)

As of January 8, 2022, New York State joined the ranks of more than a dozen states that have legalized ...

Potential headwinds are coming — what this means for your business (access required)

An abundance of liquidity and market exuberance in the world’s recovery from COVID-19 have made this a promising time for ...

Rochester’s Roland Williams hoping his Rams do it again

Eric Weddle is one of those feel-good stories that Rochester tight-end-turned-broadcaster Roland Williams has followed closely in recent weeks. Late ...

Villa of Hope awarded grant for telehealth services   (access required)

Villa of Hope was awarded a $15,000 grant to support its telehealth services for substance use.   The funding will allow ...

Monroe County small business may be eligible for forgivable loans (access required)

Small business owners impacted by the COVID-19 pandemic may be eligible for up to $25,000 in forgivable working-capital loans through ...