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Loan amount |
From $100K to $400K |
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Interest rate |
Starting at 7.75% on our Adjustable Program |
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Loan term |
25 year fixed rate with NO BALLOON (only applicable on the Non-Adjustable Program) |
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Prepayment penalty |
5 years declining at 5, 4, 3, 2, 1 on our Fixed Program and 5% flat for 5 years on our Adjustable Program |
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LTV |
Up to 70% max for multifamily and other property types. LTV will be reduced based on the transaction risks and credit scores |
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CLTV |
Up to 80% |
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Minimum Credit Score |
600 |
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Territory |
Nationwide except for Alabama, Alaska, Hawaii, Michigan, Nevada, Ohio, West Virginia, Vermont & Los Angeles county, CA |
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Credit quality |
Usually we request mortgage to be current, and must have been rated for 24 months. Mortgage rating must not have more than 1 X (30) days delinquency in the past 12 months. HOWEVER, we will also consider 3 X (30) days and 1 X (60) days delinquencies in the last 12 months period OR 6 X (30) days and 1 X (60) days in the prior 24 months. Please note that interest will be higher |
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Bankruptcies |
Generally not allowed in the prior 2 years |
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Charge Offs / Collections |
Not allowed in the prior 12 months period. Charge offs over $500 are not allowed in the period between months 13 and 24. Exceptions may be granted with a higher rate |
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Property type |
2-4 Unit, apartments (5+ units), mixed-use, professional office space, retail store - strip/free standing, small commercial, motel/hotel, mobile home park, office/warehouse, church/house of worship, garage/storage/auto, bar with apartments, restaurant, auto repair/auto body |
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DSCR |
1.20 Minimum for multifamily/mixed-use |
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Purchase, rate & term, limited cash out |
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Investment property or owner occupied |
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Closing time |
4 weeks typically, if complete package |
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For loans below $250K, DTI ratio is used in lieu of DSCR |
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Appraisal |
Usually 3 approaches will be used to determine property value as follows: |