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.