Tyler White:
Welcome everyone to the RealAtom lender podcast series, where you will learn more about the lenders on the platform and the organizations they represent. My name is Tyler White, RealAtom’s head of sales. RealAtom is the industry’s number one lending as a service technology platform, empowering commercial real estate lenders like banks, credit unions, and non-banking organizations to generate more CRE loans. Today I have the pleasure of introducing Clark Stephens with Harvest. Clark, thank you for taking the time to present to us today. Let me pass it over to you to kick things off.
Clark Stephens:
Thank you, Tyler. Thank you for having me on, looking forward to talking about Harvest, myself, and the programs we offer. I’d like to start with a little history on Harvest. We are a national, private direct lender. We land on commercial real estate. We do SBA programs and things like that. We’ve been in existence for about five years, a little over five years, and we have a brain trust in commercial real estate lending like you wouldn’t believe. Our owners and the back office staff have literally hundreds of years of experience in commercial real estate. So a little bit about myself. I’ve been in commercial real estate lending for about 20 years. Worked for several banks, worked for a certified development company, which is an entity that does the SBA 504 second loan program. But I’m pretty well versed in all the programs that we offer.
Let’s talk about the three programs on the next slide. Three main programs. We do SBA seven (a) loan program, the SBA 504 program, and our own conventional. Some people call it portfolio lending. Next slide. So seven (a) is a catchall SBA program. I like to say that you can do a lot of stuff in it. You can buy real estate, you can finance the purchase of a business. You can finance the equipment. Harvest, however, only finances commercial real estate programs. We can go 250,000 on the small side, up to the maximum limit. SBA puts on the program of 5 million you can get up to 90% loan to value on purchases, refinance, you know, partner buyouts. We do all kinds of things like that. The owner of the property must occupy 51% to be eligible for SBA. There are minimums on the debt service coverage to not be considered a projection-based loan.
We can get into that kind of detail. If you have a deal and you want to discuss it with me, I’m always open. And as I said, we do all major markets nationwide.
Let’s talk about the 504 program. That’s a fixed asset lending program. So it’s for larger things. Again, there’s a lot of things you can do with the program, large equipment, things like that real estate. We only do commercial real estate. Our minimum loan size on the 504 first is 500,000. We can do upwards of 10 million, maybe higher if it’s a stronger borrower and in the 504 second that comes in behind us. And the second position can be up to 5 million. Same thing on the debt service coverage. We’re looking for 1.15 or better. Owner occupant must occupy at least 51% of the property nationwide in all major markets. Our next program is portfolio lending. Harvest lends our own money out, and we can go 500,000 to 10 million on those in the first position. Typically we don’t allow second position loans on that 10-year term, 30-year amortization, same debt, service coverage as our other programs, it kind of mimics the SBA programs in all major markets.
And here’s my contact information. I’m happy to run through any scenario you have. You’ll get a very fast, no, or a very fast Yes if I like the deal. Let’s gather all the information.
Tyler White:
Perfect. I appreciate it. And a special thanks to Clark and Harvest for taking the time to present to us today. If you’re interested in speaking with Clark, please do not hesitate to contact him directly. If you’re interested in speaking with me in between episodes, feel free to send me an email at Tyler@realatom.com. And if you’re interested in learning more about the RealAtom platform or the lender podcast series, please visit our website. It realatom.com. Thanks, everybody for attending. And we’ll see you in the next episode.
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