Dave Dismondy with Detroit’s District Capital closed 10 loans totaling $21 million in May and June with correspondent life insurance companies.
District Capital has a stable of life insurance companies that lend in the $1-$5 million range. Rates are typically a full 1% lower than banks and credit unions right now.
Life company loans have no reserves or escrows, no property performance covenants, or global cash flow underwriting, and they are assumable.
