Program B

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
Maximum: $2,500,000
LOAN TERM 15 Year / 25 Year / 30 Year AM’s
FIXED PERIOD
RATE
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
COVERAGE RATIO
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
market rents
CREDIT QUALITY
Mortgage
Mortgage must be current.
Mortgage must have been rated for at least twenty-four (24) months.
CREDIT QUALITY
Consumer Credit
All accounts must be paid “AS AGREED” last 12 months
Minimum FICO score 650
(600 with exception for loans < $500,000).
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 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
PROPERTY TYPES  
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
Motel/Hotel                     65                     1.35
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
Office/Warehouse                     65                      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. 

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