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QUALIFYING LOANS TO STATED INCOME - STATED ASSET LOANS
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Commercial Loans - $100,000 - $10,000,000 |
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QUALIFYING LOANS TO STATED INCOME - STATED ASSET LOANS
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Commercial Loans - $100,000 - $10,000,000 |
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Office (951) 328-1288 |
Fax (951) 682-2244 |
Contact Us |
| Cell Phone (951) 377-1180 | Toll Free 877-328-1288 | |
| "A+ Credit" | "A Credit" | "A- Credit" | "B Credit" | "C Credit" | ||||||
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15 Year Amortization |
Rate | LTV | Rate | LTV | Rate | LTV | Rate | LTV | Rate | LTV |
| Mixed Use & MultiFamily 5+ T1 | ||||||||||
| 1 Year Adjustable | 80% | 80% | 70% | 70% | 55% | |||||
| 75% | 75% | 65% | 65% | 50% | ||||||
| 70% | 70% | 60% | 60% | 45% | ||||||
| 2 Year Fixed | 80% | 80% | 70% | 70% | 55% | |||||
| 75% | 75% | 65% | 65% | 50% | ||||||
| 70% | 70% | 60% | 60% | 45% | ||||||
| 5 Year Fixed | 80% | 80% | 70% | 70% | 55% | |||||
| 75% | 75% | 65% | 65% | 50% | ||||||
| 70% |
70% |
60% | 60% | 45% | ||||||
| Retail/Office/Warehouse - T2 | ||||||||||
| 1 Year Adjustable | 75% | 70% | 65% | 65% | 55% | |||||
| 70% | 65% | 60% | 60% | 50% | ||||||
| 65% | 60% | 55% | 55% | 45% | ||||||
| 2 Year Fixed | 75% | 70% | 65% | 65% | 55% | |||||
| 70% | 65% | 60% | 60% | 50% | ||||||
| 65% | 60% | 55% | 55% | 45% | ||||||
| 5 Year Fixed | 75% | 70% | 65% | 65% | 55% | |||||
| 70% | 65% | 60% | 60% | 50% | ||||||
| 65% | 60% | 55% | 55% | 45% | ||||||
| Automotive/Light Industrial-T3 | ||||||||||
| 1 Year Adjustable | 70% | 65% | 60% | 60% | ||||||
| 65% | 60% | 55% | 55% | |||||||
| 60% | 55% | 50% | 50% | |||||||
| 2 Year Fixed | 70% | 65% | 60% | 60% | ||||||
| 65% | 60% | 55% | 55% | |||||||
| 60% | 55% | 50% | 50% | |||||||
| 5 Year Fixed | 70% | 65% | 60% | 60% | ||||||
| 65% | 60% | 55% | 55% | |||||||
| 60% | 55% | 50% | 50% | |||||||
| Special Purpose - T4 | ||||||||||
| 1 Year Adjustable | 65% | 60% | 60% | 55% | ||||||
| 60% | 55% | 55% | 50% | |||||||
| 55% | 50% | 50% | 40% | |||||||
| 2 Year Fixed | 65% | 60% | 60% | 55% | ||||||
| 60% | 55% | 55% | 50% | |||||||
| 55% | 50% | 50% | 40% | |||||||
| 5 Year Fixed | 65% | 60% | 60% | 55% | ||||||
| 60% | 55% | 55% | 50% | |||||||
| 55% | 50% | 50% | 40% | |||||||
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PROGRAM NOTES |
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| Credit scores | Pricing Alternatives |
| .A+: Borr. middle score 720+ or low score 700+; Co-borr. middle score 640+ | . Fixed Rates: Add 1.00% to 5 Year Fixed rates |
| . A : Borrower middle score 680+; Co-borrower middle score 640+ | . Interest rate buy up: 50:1 up to 2 points over base |
| . A-: Borrower middle score 640+; Co-borrower middle score 600+ | . Interest rate buy down: 50:1 for the first 2 pts below base |
| . B : Borrower middle score 600+; Co-borrower middle score 575+ | . Reduce rates by .125% for each additional year in lockout, not to exceed 5 years. |
| . C : Borrower middle score 575+ | * Lockouts up to 7 years will be honored on 30 year terms. |
| . Reduce rates by .25% for an additional year in Lockout & Prepayment Penalty | |
| Other Property Types | . Reduce rates by .50% for an additional 2 years in Lockout & Prepayment Penalty |
| . T2: Bed & Breakfast, Self-Storage, Mobile Home Park (<25% RV) | . Reduce rates by .75% for an additional 3 years in Lockout & Prepayment Penalty |
| . T3: Funeral Homes, Rooming House, Marinas w/ocean access | . Reduce rates by .25% for LTV's 5% below the minimum LTV posted |
| . T4: Day Care,
Hotel/Motel, Campground, Bar/Restaurant(>=640 score), . Reduce rates by .25% for LTV's 5% below the minimum LTV posted Car Wash, Mobile Home Park (>25% RV), Marinas w/lake access, others considered. |
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| Term | |
| . Ineligible:
Heavy Industrial,Adult Entertain.,Church/Religious,Hospitals, Nursing Homes, Assisted Care, Agricultural purpose properties, Properties with underground storage tanks (USTs). |
. 20 Year Amortization: add .25% to rate |
| . 30 Year Amortization: add .50% to rate (T1 &T2, A+, A and A- only) | |
| Other | Margin |
| . 24 Month Lockout & 5% Prepayment Penalty months 1-60 (15 Yr Amort.) | . 1 Yr & 2 Yr: 1.25% above the current spread between note rate & PRIME |
| . 24 Month Lockout & 5% Prepayment Penalty months 1-72 (20 Yr Amort.) | . 5 Yr: 1.00% above the current spread between note rate & PRIME |
| . 48 Month Lockout & 5% Prepayment Penalty months 1-84 (30 Yr Amort.) | . 1 Yr, 2 Yr ,5 Yr: Minimum margin = 3.00% . WSJ PRIME @ 6.25% |
| . Trust, LLC, corporate entity acceptable borrower with personal guarantee | |
| . T1 & T2 loans >$600k & T3 & T4 loans >$500k: May require additional documentation | Caps |
| . Tax & Insurance Escrows required | . 1 Yr Adjustable: 2% Annual, 6% Life |
| . Dry Closings: 48 Hour hold to fund | . 2 Year Fixed & 5 Year Fixed: 2% Initial (1% every 6 Mos. thereafter), 6% Life |
| . No Seasoning
Program: Min. credit score 600. No more than 1 transfer in past 24 months. |
. Life Floor on all loans is equal to start rate |
| . $500k-$1mm: Minimum middle credit score = 600 | |
| . $500 fee paid at closing if borrower declines automatic payment (ACH) | Debt Service Coverage Ratio |
| . Environmental
due diligence & processing fee required. Contact your LO for cost estimate |
. 1.20 or greater |
| . Signed Engagement letter | |
| . Executive Summary | |
| . Two years' tax returns on all borrows, both individual and business, if applicable | Subordinate Financing |
| . Live COLOR photos, front, rear, inside and street scene of subject property. Remember, we are trying to convince our Underwriting Staff that this terrific property and we need to see it in the best possible light. |
. CLTVs to 90% . Available on some programs |
| Aggregate Loan Limit to One Borrower | |
| If Income Producing Property | . $2,000,000 |
| .Copies of leases | |
| .Rent roll | Assumability |
| .Current Operating Statement from borrower's or Seller's tax returns | . Loans are assumable upon Lender approval with a $500 fee. |
| .Past two years' Schedule E's or Schedule C's if owner occupied for subject property | |