BANK TYPE NON-OWNER OCCUPIED (Just Freddie Mac SBL. No Bridge for now)
Fico: Typically 680 +.
Credit: Letter of explanation for credit dings.
Loan Amortization: 15, 20, 25 & 30-year amortizations, up to 10-year fixed terms; interest only options too.
Loan Terms: All different types of interest only and fixed options.
Loan Size: $100k to $10M.
Max LTV: Up to 75% of appraised value or purchase price (lesser).
Debt Service Ratio: DSCR: 1.25x (UW NOI).
Interest Rate: 4.80-6% (subject to property type & market conditions).
Property Types: Office, Retail, Industrial, Self-Storage, Single Tenant, Mixed Use, MF 5+, Mixed Use.
Pre-Payment Penalty: Step Down Prepay, Flat Prepay, Yield Maintenance options.
Use of Funds: Purchase, Refinance, Refi Cash Out
Lender Processing Fee: $2000-$7500 Processing Fee, Plus Expense Deposit to cover 3rd Party, Legal & Out-of Pocket Expenses for lender.
Territory: Target top 50 MSA’s, but can lend in top 100 MSA’s; http://wireless.fcc.gov/wlnp/documents/top100.pdf
Special: Work with foreign nationals; property can only be 30% owner occupied; non-recourse loans available; can work with lower occupancy properties with a strong cash flow.
Required Loan Docs: Executive Summary, Current rent roll, PFS, Tri-merge credit report, Past 3 years tax returns (personal and business if applicable), Past 3 years operating statements & current year to date operating statement, Business Debt Schedule, Pictures of property.