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Frequently Asked Questions - Commercial Loan Services

Who is LA Commercial Services (LACS)?

LA Commercial Services is a private money lending company headquartered in Northeastern Pennsylvania.

What type of loans does LACS fund?

LACS lends money on commercial property in Northeastern Pennsylvania that does not qualify for traditional bank financing.

What is the criteria needed to borrow from LACS?

LACS does not qualify potential borrowers on FICO scores, tax returns, business profitable or business plans. LACS is an asset based lender that lends up to 60% loan to value on various types of commercial real estate.

What are the terms of a loan?

A typical LACS loan has a maturity date of 3 years. Interest is usually paid monthly and no principal payments are required. Interest rates range from 12% to 18%. Closing costs, consisting of title insurance, points, appraisal fee, etc. usually range from 6% to 9% of the total loan. Most loans do not have a prepayment penalty.

What collateral is need for a loan from LACS?

LACS requires a first lien mortgage on most types of commercial properties. Property types include, but not limited to restaurants, gas stations, mixed use properties, raw land, apartment houses, rehab loans, loans in foreclosure, bridge loans, warehouses, storage buildings and most all types of commercial buildings. LACS also requires the borrower to sign a deed in lieu of foreclosure.

Why should a business borrow from LACS?

LACS is a short term solution to fund your business. LACS allows you the added time needed to repair your credit and/or return your business to profitability and therefore qualify your business for traditional bank financing.

How do I apply for a loan from LACS?

There are two ways to apply. You can apply online or you can call LA Commercial Services @ 570-586-3122.