Fico: 650 + Apply Now
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%. Apply Now
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 with Restrictions in MN, MI, IL, ND, SD, VT & TN.
Special: NO TAX RETURNS or W2’s REQUIRED, All cash out available. Apply Now
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.