STATED INCOME LOAN MATRIX PROGRAM B
Income Producing Real Estate / Income Qualifying Commercial Loans
|INCOME PRODUCING REAL ESTATE
INCOME QUALIFYING BUSINESS LOAN
|LOAN AMOUNT||Minimum: $75,000
|LOAN TERM||15 Year / 25 Year / 30 Year AM’s|
|3 Year, 5 Year and Full Term Fixed Rate
6.99% minimum start rate – 9.99%
(Case by case fort deals requiring exceptions)
|PREPAYMENT PENALTY||5% for fixed period or 5,4,3,2,1 for Full Term Fixed|
|PERSONAL GUARANTEES||Personal guarantees are required on all loans|
|MAXIMUM LOAN TO VALUE||See Program Matrix for LTV by property type|
|LIEN POSITION||$150,000 or $15,000 per unit|
|OCCUPANCY||First liens on primary collateral
(seconds on cross pieces with underwriter approval)
|CASH OUT REFINANCES||Maximum cash to borrower – NONE|
|MINIMUM DEBT SERVICE
|All Properties Subject to Debt Coverage Ratio Minimums
See Program Grid for DSCR by Property Type
For DSCR Purposes, rent for Owner Occupied units will be determined
|Mortgage must be current.
Mortgage must have been rated for at least twenty-four (24) months.
|All accounts must be paid “AS AGREED” last 12 months
Minimum FICO score 650
(600 with exception for loans < $500,000).
|CHARGE OFFS /
|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 and obtained by lender|
|ENVIRONMENTAL||All loans must have an environmental questionnaire completed.
All loans will require the payment of an Environmental Processing Fee
|ELIGIBLE PROPERTY TYPES||See below LTV list|
|INELIGIBLE PROPERTY TYPES||Churches – Gas Stations – Salvage Yards – Farmland
Vacant Lots – Manufacturing – Condo Hotels – Cooperatives
Manufactured Housing – Mobile Homes
Rural properties in areas under 25% built up
|SFR (Investment Only, Non Owner Occupied)||75 N/A|
|Multifamily 2-4 unit property||70 1.2|
|Multifamily 5-9 unit property||75 1.2|
|Multifamily 10-25 unit property||75 1.3|
|Mixed Use (1 commercial + 1-4 unit residential)||75 1.25|
|Mixed Use (commercial + residential)||75 1.3|
|Professional Office Space||70 1.3|
|Retail Store – Strip/Free Standing||70 1.35|
|Mobile Home Park||65 1.35|
|Small Commercial||70 1.35|
|Auto Related||65 1.35|
|Industrial Properties||60 1.35|
These are general guidelines and are subject to change. Programs not available in all states. Loans are assumable by underwriter approval for 1 point.