These are loan programs for commercial real estate loans for 1 to 4 unit rental properties. It is to help buyers or investors to grow their investment portfolio either through refinancing your existing properties or purchasing new units. The first program does not require tax returns.
PROGRAM GROUP ONE:
Program Highlights:
. . . One to four units apartments
. . . Condos
. . . Rates as low as 6.75%
. . . 650 minimum FICO credit score
. . . NO TAX RETURNS REQUIRED
PROGRAM GUIDELINES
- Lending Area Nationwide except AK, DE, ID, MI, MN, ND, SD, UT, VT.
FL & GA -- Ownership must be in an entity.
- Loan Amounts Max. loan amount for 1 SFR is $750,000
- Cash Out Up to 70% LTV -- No rate add
- (< 12 months seasoning ownership or debt -- case-by-case)
- Adjustment Period Same Index, Margin, Caps and Floor as CCL 100
- Prepayment Stepdown: 3, 2, 1
- Underwriting Min. 1.20 DSCR required for all loans
- Seasoning Not required (< 12 months seasoning ownership or debt -- case-by-case)
- Rate Buy down 1 pt. for 50 bps reduction, 6.75% floor
- Occupancy Investor Only -- NO Owner Occupied
- Loan Term Subject to remaining economic life
- Personal Recourse Required for 25% or greater ownership
- Credit Score Minimum 650 (<650 case-by-case)
- Loan Cost PAR plus $2,995 Underwriting Fee
- Third Party Deposit $1,395
PROGRAM GROUP TWO:
Investor 1-4 family
- Non-Owner Occupied
- SFR, Condo,
- Max LTV 70%
- FICO >700 or < 700
- Rate Range: 7.49%- 8.24%
- ADD .25 to the rate if the property is located in NY, NJ, FL, CT PA
- (3yr fixed rate/ amortized for 30yr)
Traditional 1
- 5+ Unit Multifamily & Mixed-Use
- Max LTV 75%
- FICO> 700 or <700
- Rate Range: 7.49%-8.99%
- ADD .25 to the rate if the property is located in NY
- (3yr fixed rate/ amortized for 30yr)
Traditional 2
- Office, Retail, Warehouse, Self-Storage, Automotive Service , Gas Stations)
- Max LTV 70%
- FICO > 700 or < 700
- Rate Range: 7.99%- 9.49%
- ADD .50 if the loan amount is below 250K
- 3yr fixed rate/ amortized for 20
