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Mortgage Companies

FIRST MONROE INC.
1840 S. Winton Road
Rochester, N.Y. 14618
473-9260

Type of company: Mortgage banker
Local head of operations: Mark Grossman
Year established locally: 1986
Number of employees in the Rochester area: 6
Lending specialties: Apartments, retail plazas, industrial/warehouse, offices, owner-occupied
Currently lending? Yes
Types of indirect financing available: Construction, permanent, forward commitments, refinancing and acquisition

DEBT FINANCING
Loan volume for last 12 months: $102,535,000

COMMERCIAL REAL ESTATE LOANS
Types available: Immediate and forward fundings
Types of real estate financed: Apartments, retail, industrial, warehouse, medical office, single-tenant facilities, office, owner-occupied facilities, hotels
Size of loans handled: $1 million and greater
Average time to complete transaction: 60-90 days
Typical interest rates as of 1/31/95: 7.5%-9.25%
Maximum loan-to-value ratio: 75% to 80% (higher with credit transactions)
Minimum debt service coverage: 1.05- 1.20

CONTACTS
Mark Grossman, president (473-9260); Sam Berns, VP (473-9260)

MGA/MITCHELL GEORGE ASSOCIATES
4 Church St.
Scottsville, N.Y. 14546
886-5174

Type of company: Mortgage broker
Local head of operations: Mitch Alepoudakis
Year established locally: 1986
Number of employees in the Rochester area: 7
Lending specialties: Non-conforming and conforming
Currently lending: No
Type of direct financing available: FHA, VA, commercials, equities

DEBT FINANCING
Size of commercial loan portfolio: $25 million
Loan volume for last 12 months: $13.8 million
Total number of loans in last 12 months: 156
Percent of loans made directly: 0%
Percent of loans made as an intermediary: 100%

COMMERCIAL REAL ESTATE LOANS
Type available: Mini plaza, retail stores
Types of real estate financed: All
Size of loans handled: $10,000 to $25 million
Contract length: 30 years
Data required for financing: All financials
Fee structure: 1% to 3%
Typical interest rates as of 1/31/95: Prime 2%
Prepayment penalty: None
Minimum loan-to-value ratio: 30%
Minimum debt service coverage: 1.25

Other loans available:
Line of credit, home improvement, interest only

CONTACTS
Mitch Alepoudakis (889-5174)

NORMANDY CORP.
550 E. Main St.
Rochester, N.Y. 14604
546-5900

Type of company: Mortgage banker
Local head of operations: Michael Mercier
Year established locally: 1985
Number of employees in the Rochester area: 13
Lending specialties: Construction (all types), permanent financing for multifamily, office buildings, shopping centers
Currently lending? Yes
Types of direct financing available: All

DEBT FINANCING
Percent of loans made directly: 90%
Percent of loans made as an intermediary: 10%

COMMERCIAL REAL ESTATE LOANS
Types available: Construction, short-term commercial, renovation
Types of real estate financed: Multifamily, office buildings, retail, manufacturing
Size of loans handled: Up to $7 million
Contract length: Up to 10 years
Data required for financing: Varies
Average time to complete transaction: 2-3 weeks
Fee structure: Negotiable
Prepayment penalty: None
Maximum loan-to-value ratio: Varies
Minimum debt service coverage: Varies

CONTACTS
Michael Mercier, president (546-5900); Mark DeCory, VP (546-5900)

POWER FUNDING GROUP INC.
100 White Spruce Blvd.
Rochester, N.Y. 14623
475-0400

Type of company: Mortgage banker
Local head of operations: Charles Bucciarelli
Year established locally: 1992
Number of employees in the Rochester area: 12
Lending specialties: Income property such as apartment buildings, retail center, office buildings, owner-occupied, medical buildings, etc.
Currently lending: Yes
Types of direct financing available: Loan sizes $200,000-$3 million
Types of indirect financing available: $3 million-$15 million

COMMERCIAL REAL ESTATE LOANS
Types available: Permanent, construction
Types of real estate financed: Apartment buildings, retail centers, office buildings, medical offices, mixed uses
Size of loans handled: $200,000-$3 million (direct); $3 million-$15 million (non-direct)
Contract length: Terms: 3 years-20 years; amortization: 15 years-25 years
Data required for financing: Personal and business financials
Average time to complete transaction: 45 to 90 days
Fee structure: 1 point to 2 points
Typical interest rates as of 1/31/95: 10%-10.5% direct, 9%-10.5% non-direct
Prepayment penalty: First year or yield maturity
Minimum loan-to-value ratio: Max. LTV 75%
Minimum debt service coverage: 1.25-1.35

CONTACTS
Charles Bucciarelli, VP; Kathy Lusardi, administrative assistant (475-0400) or (800-769-0401)

ROCHESTER HOME EQUITY INC.
610 Wilder Bldg.
Rochester, N.Y. 14614
263-4353

Type of company: Mortgage banker
Local head of operations: Jay Gelb
Year established locally: 1986
Number of employees in the Rochester area: 7
Lending specialties: All types of residential, commercial and construction financing
Currently lending? Yes
Types of direct financing available: Residential, commercial and construction

DEBT FINANCING
Loan volume for last 12 months: $45 million
Total number of loans in last 12 months: 500
Percent of loans made directly: 100%
Percent of loans made as an intermediary: 0%

COMMERCIAL REAL ESTATE LOANS
Types available: Various
Types of real estate financed: Mobile home parks, office buildings, shopping centers, mixed use
Size of loans handled: Up to $20 million
Data required for financing: 2-year operating statements, personal financial statements, overview of transaction
Average time to complete transaction: 3-7 weeks
Fee structure: Varies
Typical interest rates as of 1/31/95: Prime plus 2%
Prepayment penalty: None
Maximum loan-to-value ratio: 75%
Minimum debt service coverage: 1.15

Other loans available: Construction financing for acquisition of land; letter of credit to post with town; revolving construction line of credit; many types of programs available for applicants who have had minor credit problems; all types of residential loans at very competitive rates

CONTACTS
Jay Gelb (263-4353)

SECURITY MORTGAGE CORP.
475 Crossroads Bldg.
2 State St.
Rochester, N.Y. 14614
423-0230

Type of company: Mortgage broker
Local head of operations: Gerard DiMarco Sr.
Year established locally: 1989
Number of employees in the Rochester area: 4
Lending specialties: Commercial mortgages, $1 million and up
Currently lending? Yes
Types of indirect financing available: Immediate and forward financing for multifamily, office buildings, retail, industrial, mobile home parks

DEBT FINANCING
Size of commercial loan portfolio: $120 million
Loan volume for last 12 months: $70 million
Total number of loans in last 12 months: 10
Percent of loans made directly: 20%
Percent of loans made as an intermediary: 80%

COMMERCIAL REAL ESTATE LOANS
Types available: First mortgages, construction
Types of real estate financed: Apartments, office buildings, retail facilities, warehouse, distribution facilities, mobile home parks
Size of loans handled: $1 million-$50 million
Contract length: Variable
Data required for financing: Lease abstracts, 3-year operating history, rent roll
Average time to complete transaction: 90 days
Fee structure: 1% of final loan amount
Typical interest rates as of 1/31/95: 5- year: 8.80%; 10-year: 9.00%; 20-year: 9.25%
Prepayment penalty: Yield maintenance, declining balance
Maximum loan-to-value ratio: 85%
Minimum debt service coverage: 1.06 to 1.20

Other loans available: Construction, all types

CONTACTS
Gerard DiMarco Sr., president; Gerard DiMarco Jr., VP (all at 423-0230)

SIBLEY MORTGAGE CORP.
2 State St.
Rochester, N.Y. 14614
232-1620

Type of company: Mortgage banker
Local head of operations: David Fagan
Year established locally: 1955
Number of employees in the Rochester area: 160
Lending specialties: Commercial real estate
Currently lending? Yes
Types of indirect financing available: Commercial mortgages

DEBT FINANCING
Size of commercial loan portfolio: $165 million
Loan volume for last 12 months: $70 million
Total number of loans in last 12 months: 31
Percent of loans made directly: 18%
Percent of loans made as an intermediary: 82%

COMMERCIAL REAL ESTATE LOANS
Types available: First mortgages: immediate and forward commitments
Types of real estate financed: Apartments, industrial, retail, office
Size of loans handled: $1 million and up
Average time to complete transaction: 60-90 days

CONTACTS
David Fagan, VP (232-1970, ext.205)

WATERFORD FINANCIAL GROUP
140-A Metro Park
Rochester, N.Y. 14623
475-9660

Type of company: Mortgage broker
Local head of operations: Daniel Meagher Jr.
Year established locally: 1994
Number of employees in the Rochester area: 2
Lending specialties: Commercial mortgages, business loans, accounts receivable, equity loans, SBA, venture capital
Currently lending: Yes
Types of direct financing available: Private financing
Types of indirect financing available: Various

DEBT FINANCING
Size of commercial loan portfolio: $100,000 to $50 million
Percent of loans made directly: 0%
Percent of loans made as an intermediary: 100%

COMMERCIAL REAL ESTATE LOANS
Types available: Various
Types of real estate financed: Commercial, construction, remodeling
Size of loans handled: $100,000-$50 million
Contract length: Negotiable
Data required for financing: Typical business plan
Average time to complete transaction: Varies
Fee structure: Negotiable
Typical interest rates as of 1/31/95: Market rates
Prepayment penalty: Negotiable
Minimum loan-to-value ratio:
75%
Minimum debt service coverage: 1.20

CONTACTS
Dan Meagher (475-9660)

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