| Loan Type |
Conventional, Stated Income |
| Min Loan |
$250,000 (#1) |
| Max Loan |
$400,000 (#2) |
| LTV |
50% |
| Interest Rate |
10.5% |
| Term |
Fixed, 25 years |
| Amortization |
25 Years |
| DSCR |
N/A (#2) |
| Credit Score |
650 |
| PrePay Penalty? |
(Currently being revised) |
| Lock Out? |
No |
| Interest Guaranty? |
No |
| Exit fee? |
No |
| Balloon? |
No |
| Personal Guarantee? |
No |
| Documents Required |
Copy of Purchase Contract & Earnest Money Check (if a purchase), Loan Application (#3), Credit Report (less than 60-days old), Appraisal, Environmental Report (if necessary, depending on property type & history), Rent Roll/Leases, Digital Pictures |
| Closing Time |
up to 45 days |
| Lender Fee? |
1 - 3 point (#4) |
| Broker Fee? |
1 - 2 points (#4) |
| Eligible Properties |
Most income-producing commercial properties (#5) |
| Eligible States |
All |
| Other |
The only good, small cap stated income commercial loan that we’re aware of, currently. |
| Note #1 |
Smaller loan amounts considered on a case-by-case basis, but for correspondingly higher points (lender/broker) See Note #4. |
| Note #2 |
Loan amount based on property value from recent appraisal. |
| Note #3 |
A standard residential loan application (1003) will be emailed to applicants. |
| Note #4 |
Varies, depending on the deal, in general, and the rate & terms offered/accepted, in particular. See Note #1. |
| Note #5 |
Ineligible properties include gas stations, dry cleaners, other properties with environmental problems, and raw land. |
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