No-Limit Cash-Out Commercial Loans
Loan Type
Conventional, Full Doc
Min Loan
$1,000,000
Max Loan
$10,000,000 (#1)
LTV
75% - 80% (#2)
Interest Rate
6.50% - 7.50%
Term
Fixed, 25 - 30 Years (#3)
Amortization
25 - 30 Years (#3)
DSCR
1.25
Credit Score
650
PrePay Penalty?
No
Lock Out?
No
Interest Guaranty?
No
Exit fee?
No
Balloon?
No
Personal Guarantee?
Yes
Documents Required
Copy of Purchase Contract & Earnest Money Check (if a purchase), Credit Report (less than 60-days old), Personal Financial Statement (less than 60-days old), last 2 years of Personal and Business Tax Returns, 2 years of Business Financials (Income/Expense Operating Statement & P&L Statement/Balance Sheet), Year-to-Date Business Financials, Appraisal, Environmental Report (if necessary, depending on property type & history), Rent Roll/Leases, Digital Pictures
Closing Time
45 Days (or less)
Lender Fee?
Typically, 1 point (depending on deal, lender)
Broker Fee?
Typically, 1 point (depending on deal, lender)
Eligible Properties
Apartment Buildings (#4), Hotels, Light Industry, Motels, Office (Buildings or Condos), Retail, Self Storage, Warehouses, Other (#5)
Eligible States
All
Other
No Restrictions on Amount or Use of Cash-out Proceeds, No Payment Reserves and No Impounds (for Taxes & Insurance)
Note #1
Up to $30,000,000 by exception
Note #2
80% LTV: Apartment Buildings; 80% LTV: Other Eligible Properties if Owner-occupied; 75%: Other Eligible Properties if Not Owner-occupied
Note #3
Up to 30 years, depending on the Remaining Economic Life of the property
Note #4
5 or more apartments
Note #5
A Tier 4 Property with Multiple Tenants (Ex., Subject-property, owned by Party A, with a Gas Station/Convenience Store, being leased by Party B, and a Restaurant, being leased by Party C) - on a case-by-case basis
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