STATED INCOME / STATED ASSET PROGRAM

Terms

Loan Size

        Minimum loan amount $100,000

        Max loan amount $1 million*

       *Tier 1 & 2 only, see below for rate tier classification.  Max loan amount is $800K tiers 3 & 4

 

Property Types

        Tier 1 ~ Mixed-Use and Multi-Family

        Tier 2 ~ Retail / Office / Warehouse, others include Bed & Breakfast, Self Storage      

                     and Mobile Home Parks

        Tier 3 ~ Industrial / Automotive, others include Boarding Homes and Funeral Homes

        Tier 4 ~ Special Purpose - Restaurant/Bar/Nightclub, Hospitality, Day Care,

                     Campgrounds, Car Wash, Auto Sales, Golf Course and others considered.

 

Loan-To-Value

        80% Tier 1

        75% Tier 2

        70% Tier 3

        65% Tier 4

 

Credit

        "A+" to "C" credit borrowers

        Minimum of 575 mid FICO score for primary borrower/guarantor on Tiers 1 & 2

        Minimum mid FICO score of 600 for Tiers 3 & 4 AND for loan amounts over $500k (all tiers)

        Minimum mid FICO score of 640 for Restaurant/Bar properties

 

Occupancy

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

 

Terms

        15 and 20 year fully amortizing on all property types accepted 

        30 year term full amortizing available for Tier 1 & 2 property types (A+ and A credit only)

 

Loan Types

        1 year adjustable, 2 and 5 year fixed, then adjustable (adjusting semi-annually / Prime based)

        Conventional Fixed rate term

 

Rates

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

 

Standard Prepayment Penalty

        15 year term: 24 month lock-out and 5% prepayment penalty for 5 years

        20 year term: 24 month lock-out and 5% prepayment penalty for 6 years

        30 year term: 48 month lock-out and 5% prepayment penalty for 7 years

 

Assumability

        Loans are assumable for 2% upon lender approval.

 

Origination Charges & Fees

        1-2% lender origination

        $1,550* processing and underwriting

        *Additional $500 fee paid at closing if borrower declines automatic monthly payments

 

Escrows/Impounds

        Tax and Insurance required

        (Insurance impound can be waived for A+ and A credit borrowers)

 

Misc

        We lend in the name of Corporation, LLC, and Trusts with personal guarantee.

        Seller carry back (seller seconds) allowed, up to 90% combined loan-to-value (CLTV)