FULL DOCUMENTATION PROGRAM

 

Terms

Loan Size

        Minimum loan amount $100,000

        Max loan amount $1 million*

        * For loan amounts over $1 million, we have non-matrix pricing available.

 

Max Loan-To Values

        80% Tier 1   (for "A" credit borrowers)

        75% Tier 2   (for "A" credit borrowers)

 

Property Types

        Tier 1 ~ Multi-Family and Mixed-Use (primary use must be residential)

        Tier 2 ~ Commercial (Retail, Office, Warehouse, Self-Storage, Light Industrial,

                     Mobile Home Parks and Bed & Breakfasts)

 

Credit

        "A" credit borrowers

        Minimum 680 mid and 640 low FICO score for primary borrower/guarantor

 

        "A-" credit borrowers

        Minimum 640 mid and 600 low FICO score for primary borrower/guarantor

 

        "B" credit borrowers

        Minimum 600 mid and 560 low FICO score for primary borrower/guarantor

       

Occupancy

        Owner occupied or investor (rate/term refinance, cash-out refinance and purchase)

 

Terms

        15, 20 and 30 year, fully amortizing on all property types accepted.

 

Loan Types

        6 month adjustable, 2, 3 and 7 year fixed and conventional fixed rate terms are available.

 

Rates

        Matrix pricing by property classification (Tier), LTV and amortization.

 

Rate Locks

        Rate locks are automatic on the 6-month adjustable, 2 and 3 year fixed program. 

        Rate locks are available on the 7 year and full term fixed loans.

 

Prepayment Fees

        Fixed rate programs have a 10% prepayment fee for 10 years, declining 1% per year. 

        7 year fixed is 5% for 7 years.  6-month, 2 & 3 year fixed have a 5% prepayment fee for 5 years. 

      Note: Prepayment fees are waived after two years in case of a third party property sale.

 

Closing Points & Costs

        No Points (par pricing to brokers)

        $1,000 underwriting fee

        $1,350 processing fee

 

Escrows

        Tax escrows are required.

 

Misc

        We lend in the name of Corporations, LLC, Non-Profit and Trusts with personal guarantor.

        Seller carry backs (seconds) up to 20% of the value of the collateral (rate/LTV hit applies)

        All loans are full recourse.

        Loans are assumable for 1% upon lender approval.

 

 

   Please call an accounts rep or loan officer at (877) 460-3863 or (714) 221-1500 for more information.