Program A

STATED INCOME LOAN MATRIX PROGRAM A

Income Producing Real Estate / Income Qualifying Commercial Loans

LOAN AMOUNT Minimum: $100,000
Maximum: $5,000,000
LOAN TERM 30 Year Amortization
FIXED PERIOD
RATE
30 Year Term with 3 or 8 Year Fixed rate
PREPAYMENT PENALTY 3 Year Fixed rate 5% each year / 8 Year Fixed 5% 5 Years
PERSONAL GUARANTEES Personal guarantees are required on all loans
MAXIMUM LOAN TO VALUE See Program Matrix for LTV by property type
LIEN POSITION First liens on primary collateral
(seconds on cross pieces with underwriter approval)
OCCUPANCY Owner Occupied
Non Owner Occupied
CASH OUT REFINANCES Maximum cash to borrower – NONE
MINIMUM DEBT SERVICE
COVERAGE RATIO
For DSCR Purposes, rent for Owner Occupied units will be determined
market rents
CREDIT QUALITY
Mortgage
Mortgage must be current.
Mortgage must have been rated for at least twenty-four (12) months.
CREDIT QUALITY
Consumer Credit
All accounts must be paid “AS AGREED” last 12 months
Minimum FICO score 650
CHARGE OFFS /
COLLECTIONS
Charge offs are not allowed in the prior twelve (12) month period
BANKRUPTCIES Bankruptcies are not allowed in the prior two (2) year period.
AGE OF DOCUMENTATION Credit documents cannot be more than 90 days old.
Appraisals must be less than 60 days old at time of closing.
APPRAISALS Must be ordered by lender
ENVIRONMENTAL With certain property types
ELIGIBLE PROPERTY TYPES See below LTV list
INELIGIBLE PROPERTY TYPES Churches – Gas Stations – Salvage Yards – Restaurants – Farmland
Vacant Lots – Manufacturing – Condos – Hotels – Cooperatives
Manufactured Housing – Mobile Homes
Properties must be in towns with a population of 30,000 or greater
PROPERTY TYPES  
SFR (Investment Only, Non Owner Occupied)            75                 
Multifamily 2-4 unit property                                    70                     
Multifamily 5-9 unit property                                    75                     
Multifamily 10-25 unit property                                    75                     
Mixed Use (1 commercial + 1-4 unit residential)                                    75                     
Mixed Use (commercial + residential)                                    75                     
Professional Office Space                                    70                     
Retail Store – Strip/Free Standing                                    70                     
Small Commercial                                    70                     
Office/Warehouse                                    70                     
Auto Related                                    70                     
Industrial Properties                                    70                     

These are general guidelines and are subject to change.  Program not available in all states.  Currently not available in IL, MI, SD, ND. 

SILC contact info