No Seasoning on Down Money

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.

 Apply Now