No Seasoning On Down Money! WOW!
Fico: 650 +
Loan Terms: 30 year Amortization. No Balloon! 3 & 8 yr. fixed options.
Loan Size: $75K to $5 Million
Max LTV: 75% Multi-family & mixed-use. 70% for all other commercial property types including 1-4 unit investment properties.
Max CLTV: Stands for combined LTV. The lender will allow a second mortgage behind theirs as long as the combined LTV's do not exceed 80% of the appraised value of the property!
Debt Service Ratio: 1.25. Loans under 500k there is no debt service ratio calculated by the lender!
Interest Rate: 7.50%-8.50%.
Property Types: Multifamily (5+ units), mixed-use, office, retail, warehouse, self-storage, auto-service (no old gas stations or underground storage tanks) & 1-4 unit investment properties. The lender also considers Mobile Home Parks and Day Cares on a case-to-case basis.
Pre-Payment Penalty: 5% of the loan amount for the 8-year fixed period. 3% of the loan amount for the 3-year fixed period. Step down.
Use of Funds: Purchase, Refinance, Cash-Out Refinance. No lowering of LTV for cash out!
Asset verification: The lender only asks for 1 current bank statement from the borrower on a purchase to verify the borrower has the funds. They do not source and season where those funds came from. On a refinance the lender does not ask for bank statements at all!
Lending Territory: Nationwide besides MN, MI, IL, ND, SD, VT & TN.
Special: NO TAX RETURNS or W2's REQUIRED, All cash out available.
Required Loan Docs: Executive Summary, Current rent roll, Copies of all leases, 1003, Past two years operating statements & current year-end operating statements, Pictures of property, Tri-merge credit report.
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Fico: 650 +
Loan Terms: 30 year Amortization. No Balloon! 3 & 8 yr. fixed options.
Loan Size: $75K to $5M
Max LTV: 75%
Max CLTV: 80%
Debt Service Ratio: 1.25. Loans < 500k Not calculated!
Interest Rate: 7.5-8.5%.
Property Types: Standard Commercial & 1-4 unit investment properties.
Use of Funds: Purchase, Refinance, Cash-Out Refi.
Asset verification: 1 bank statement!
Lending Territory: Nationwide besides MN, MI, IL, ND, SD, VT & TN.
Special: NO TAX RETURNS or W2's REQUIRED
262-292-1710