Trevor Cole Commercial Corp
A Commercial Structured Finance Company
About Trevor Cole Commercial Corp
Located in New York City, Trevor Cole Commercial Corporation is a Structure Finance firm specializing in financing a variety of projects, from small- and medium-sized real properties to larger ventures like apartment complexes, office buildings, and luxury hotels, throughout the United States. Trevor Cole also successfully obtains loans for business projects, art, venture capital, and even maritime enterprises. Led by financial professional Leslie Agisim, the company is especially successful at closing loans that do not meet traditional banking standards, sometimes called non-conforming loans.
Trevor Cole Commercial Corp. offers its clients a wide variety of financial products, including business loans, private money, conventional mortgages, syndication and securitization, hard money, and origination and underwriting. The company also offers equity for experienced developers and investors. In addition, loans are available for fine art, jewelry, and other collectibles.
An interesting element of Trevor Cole’s business is maritime lending, conducted under the leadership of Captain Dimitrios Fousteris. Maritime loans are available for a minimum of $1 million, for as much as 70 percent of a vessel’s value. The bulk of the firm’s business, though, is in real estate ventures in the United States. Notable closings include an apartment building in Brooklyn, New York, for $2.2 million; and a shopping center in Huntsville, Alabama, for $6.5 million.
Trevor Cole Commercial Corp. is very successful at placing non-conforming loans because of its rigorous standards of due diligence. Applicants must provide strong documentation of their own financial positions as well as the property’s profitability. While Trevor Cole is more receptive to non-conforming loans than traditional lenders are, the company must be satisfied that an enterprise, whether an apartment building, storage facility, shopping center, or fishing boat, will generate sufficient income to pay the loan in a timely manner.
A FICO score of 500+ may be acceptable to secure credit for general business loans and multifamily real estate loans of at least $250,000. Of course, other elements of the applicant’s financial condition must be very good, and the ventures for which the loan is sought must be going concerns. Trevor Cole Commercial Corp.’s company standards have proven reliable, as its principals have closed over $100 million in non-conforming loans.
What Makes a Commercial Mortgage Different from a Home Mortgage
A home mortgage, such as those offered by the Trevor Cole Commercial Corp, is a loan typically given to an individual or family to help them pay for a house, which they cannot or prefer not to pay for with cash. A business mortgage, also available from the Trevor Cole Commercial Corp, is similar but its differences go beyond in that it is meant for paying business expenses rather than housing costs. The collateral is generally a commercial building, and the borrower is typically a business, not an individual.
The terms offered to businesses are often different as well. Home mortgages tend to be paid in monthly installments, which pay down the interest and principle over time. However, minimal payment structures, such as a 20-year amortization for a 10-year-term loan, are common with commercial lending. This means that a business will pay only the monthly cost of a 20-year loan for a loan that has its total balance due at 10 years, resulting in what is known as a "balloon payment," a single payment where the remaining balance for the 10 years left, both principal and interest, are due. Interest rates are also typically higher for these loans, reflecting the greater risk this lending entails.