RECOURSE
Recourse and Non-Recourse options available.
RESERVES
6 to 9-months mortgage reserves are required.
CLOSING
45 to 60 Days
CREDIT SCORE REQUIREMENTS
650+650+650+650+650+650+650+
Permanent
PREPAYMENT PENALTY
All Conforming Loans have a prepayment penalty, usually through the second to last year of the initial fixed period. Step-down and yield maintenance prepayment options are available.
LOAN LIMITS
Conforming Loans are available for 1st mortgages starting at $1,000,000. Exceptions are available for smaller loans depending upon market, property condition, financial performance,
NET WORTH
A strong schedule of real estate owned is essential, and/or substantial equity in assets equal to or greater than the loan amount.sponsor's schedule of real estate
LOAN TERMS & AMORTIZATION
Multifamily 5+ Units: 5, 7, 10, 12, 15, 20, 25, and 30-year terms. 15, 20, 25, and 30-year amortization.
1 to 4 Units Residential: 5, 10, 15, and 30-year terms. 15 and 30-year amortization.
Office: 5 and 10-year fixed terms. 15 and 30-year amortization.
Retail: 5 and 10-year fixed terms. 15 and 30-year amortization.
Residential Portfolio Loan: 5, 10, and 30-year fixed terms for portfolios with 5+ properties. 15 and 30-year amortization.
FULL-TERM, BALLOON,
Loans can be structured as full-term, balloon, and hybrid. Full-term loans amortize over the life of the loan, and are paid in full upon loan maturity. Balloon mortgages are fixed-rate loans with a balloon payment due at the end of the initial term. Hybrid loans have a fixed-rate for the initial fixed term, then adjust annually or semi-annually through the remaining loan term. For example, a 10- Loans can be structured as full-term, balloon, and hybrid. Full-term loans amortize over the life of the loan, and are paid in full upon loan maturity. Balloon mortgages are fixed-rate loans with a balloon payment due at the end of the initial term. Hybrid loans have a fixed-rate for the initial fixed term, then adjust annually
OPERATING INCOME
Approval and interest rates are primarily based upon the net operating income of the property and LTV. The property must show it has been operating at a net operating income over the last 12-months to support the DSCR at the proposed market interest rate.
DOCUMENT REQUIREMENTS
FULL-DOC UNDERWRITING. Rent Roll. P&L / Last 12 to 24-months. Borrower 1003 or Personal Financial Statement. Schedule Real Estate Owned. Bank Statement(s) Verifying Down. Payment/Reserves. Minimum 3 Quality Property Photos.Minimum 3 Quality Property Photos.