Products



 

Multi-Family Stated Income

Feature Characteristics
Loan amount $750.000 – 5MM
Multi-family & mixed-use (up to 20% commercial space)
Eligible location $750K to 3 Million. Nationwide except Ohio, Michigan & Louisiana. All other locations must meet minimum population requirement of 50,000
Eligible location $750K to 5 Million. Major markets included: Baltimore, Boston, Chicago, Los Angeles, New York, Sacramento, San Francisco, San Jose, Seattle, Washington D.C.
Loan purpose Purchase, rate/term refinance & cash out
Minimum Fico 680
Amortization 25 to 30 years, depending on the age of property and condition
LTV Up to 75 – 80% maximum LTV
Loan terms 30 year fixed and Balloon loan terms of 5, 7, 10 years with amortizing terms up to 30 years
Lifetime cap 5% over initial interest rate
Lifetime floor rate 3%
Minimum DSCR 1.25 DSCR
NOI calculation Deduct market vacany; % management; reparis estimated at $650/unit; reserves estimated at $300/unit
Subordinate financing Not allowed during the first 12 months, thereafter case-by-case, with a minimum loan amount of $250K
Stabilization must be at 90% occupancy for at least 6 months
Assumability: Loans are assumable at Lender consent and a 1% fee


 

Multi-Family Full Doc

Feature Characteristics
Loan amount from $250K to $5 Million
Interest rate Starting at 4%
Loan term 12 months libor, 3, 5, 7 & 10 year fixed hybrid. All loans amortized over 30 years
Prepayment penalty 5% declining
LTV Up to 70% for purchases. LTV can be increased to 90% on selected markets
Minimum credit score 680
Minim DSCR 1.25. This may be increased based on risk of transaction
Refinance Cash out refinance request are typically limited to 50% maximum
Upon conclusion of fixed rate terms loans will roll to 6 month ARM
Stable current and historic cash is generally required
Borrower must be solid: Market experience, liquidity, net worth, personal credit. Full recourse for at least one key principal required
All programs are subject to pricing adjustment based upon loan size, property condition, age, maintenance and credit indicators
Rates are only for A&B Grade properties
Loans under $500,000 will have a rate spread increase


 

Portfolio Investor

Feature Characteristics
Investor
Maximum loan amount $20,000,000.00* 75% office/shopping center* 60% Semi-generic

* 55% Special use

* 55% Unanchored retail
Maximum LTV (1st lien) 20 years – 25 years**On Exception Areas
Minimum personal credit 650 – No previous bankruptcy
Acceptable markets Urban/suburban areas
Rates Start at 5%
Preferred characteristics * Warehouse  * Office  * Manufacturing  * Medical offices
Minimum equity injection 20%
Minimum EDSC 1.40X
Management experience Previous ownership required
Minimum prepayment penalty Declining 5% for years 1-5


 

Small Portfolio Plus

Feature Characteristics
Eligible Property Multi-family (5+ units), Mixed-use, Office buildings, Retail buildings, Retail, Warehouse, Light industrial (no heavy industrial), office Condominium, Auto repair, Auto sales, Convenience store, Convalescent home, Assisted living facility, Health Club or Gym, Gas station <10 years old, Self-storage, Daycare or pre-school, Nursery (horticulture, Theater, Cold storage warehouse, Veterinary hospital, Ice skating rink.
Loan amount from $100K to $500K
Availability All 50 States
Property types Owner occupied and Investor Properties
LTV Up to 75%
Loan terms Choice of Fixed-rate and prime-based loans with variety of terms and lines of credit
3 yr. fixed; am 5.20%-5.29% based on FICO5 yr. fixed; am 6.45%-7.29% based on FICO10 yr. fixed; am 7.50%-8.25% based on FICO
Minimum DSCR 1.25%


 

Small Portfolio Minus

Feature Characteristics
Loan amount From $100K to $400K
Interest rate Starting at 7.75% on our Adjustable Program
Loan term 25 year fixed rate with NO BALLOON (only applicable on the Non-Adjustable Program)
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
LTV Up to 70% max for multifamily and other property types. LTV will be reduced based on the transaction risks and credit scores
CLTV Up to 80%
Minimum Credit Score 600
Territory Nationwide except for Alabama, Alaska, Hawaii, Michigan, Nevada, Ohio, West Virginia, Vermont & Los Angeles county, CA
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
Bankruptcies Generally not allowed in the prior 2 years
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
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
DSCR 1.20 Minimum for multifamily/mixed-use1.30 Minimum for motel/hotels1.35 Minimum for retail store/strip, mobile home park, small commercial, office warehouse, church/house of worship1.40 Minimum for automotive/storage
Purchase, rate & term, limited cash out
Investment property or owner occupied
Closing time 4 weeks typically, if complete package
For loans below $250K, DTI ratio is used in lieu of DSCR
Appraisal Usually 3 approaches will be used to determine property value as follows: 1. Sales comparable2. Cost approach3. Income approach

Investor bases the final loan amount on the lowest of the three approaches


 

Bridge Loan

Feature Characteristics
Loan amount From $250K to $20 million
LTV Up to 60% max
CLTV May be allowed on a case by case basis up to 75%
Loan term Up to 36 months
Minimum Fico required None
Prepayment penalty None
Exit fee None
Interest rate Starting at 10%
Lending Nationwide lending. No rural areas(minimum population required 100K)
Acceptable property types Office, medical/dental, office condo, warehouse, multifamily, mixed use, retail, strip centers, assisted living facility, day care, flagged and non-flagged hotel/motel, other property types considered on a case by case basis
Interest only payment Available
Closing time Can close as fast as 30 days with full package
Lender Fee 2-4%
Broker Fee 1-3%


 

SBA 7

Feature Characteristics
Product overview Must be owner occupied 51%+ to qualify under this program
Loan amount from $100K to $2 Million
Minimum Fico 650
Minimum DSCR 1.25
Loan purpose Purchase, refi & cash out. Cash out is only accepted under this program if proceeds are for property improvement, payment of business debt and inventory
Loan amortization 25 years
Property types Car washes, auto repair/transmission/body shop, bowling alleys, medical/dental & veterinarian offices, liquor stores, convenience stores, supermarkets, child daycares, adult daycares, assisted living facilities, restaurants, retail/office condo/mixed use/industrial, self-storage facilities
Max LTV Up to 90%
Interest rate Starts at prime + 2.75%
Prepayment penalty 5% in year 1; 3% in year 2; 1% in year 3
Underwriting philosophy Global cash flow underwriting


 

SBA 504 (G)

Feature Characteristics
Loan amount $500.000 – 7 Million
Minimum Fico 660
Minimum DSCR 1.30
Maximum LTV 90% for multi-use properties (office, retail, condo, warehouse, medical office, mixed use, light industrial).85% for special use properties (automotive, assisted living, hotel, motel, restaurant, day care)
First Mortgage First mortgage 50% and Second mortgage up to 40% First mortgage amortized up to 25 years and Second mortgage up to 20 years. Second mortgage rates is fixed for 20 years
Occupancy Must be owner occupied 51%+ to qualify under this program
Loan Purpose Purchase only
Underwriting philosophy Global Cash Flow Underwriting
Closing time 60 days if complete package
Loan programs available 1.Adjustable (prime plus 2.75%)2.3 Year Fixed: Rate starts at 5.5% with 5 year declining prepayment3. 5 Year Fixed: Rate starts at 6.5% with 5 year declining prepayment
(the above two options only apply to the first mortgage)

4. The second mortgage will carry an interest rate of approx. 5.5% fixed for 20 years and amortized over 20 years

5. Seller Financing allowed by, borrower must have Minimum Equity of 10%


 

USDA

Feature Characteristics
Product overview Commercial financing for rural business; creating and saving rural jobs, improving economic climate of rural communities.
Loan amount Max: $25 million. Minimum: $1 million
Loan type Real estate buildings
Eligibility Business purpose in rural areas. Manufacturing, wholesale, retail, service, new or existing. Must be in a rural area, beyond any 50,000+ population city and its urbanized periphery (there are a number of exceptions for which eligibility determination can be verified with a complete address of the subject business of the property). Majority ownership must be held by US citizens or permanent residents. Any ownership of government or military employees must be less than 20%.
Loan term & amortization 30 years maximum (not to exceed useful life of collateral). Ballons are not permitted. Reduced payments may be scheduled in the first 3 years.
Rates Lender’s customary commercial interest rate — fixed or variable (rate may not vary more than quarterly). Rates are tied to prime and adjusted quarterly or can be fixed for 3, 5 or 10 years.
Starting in the high 6%.
Fees Lenders customary fees: USDA charges a onetime guarantee fee of 2% of the guarantee amount. The loan guarantee is subject to annual renewal fee of 0.25% on the guaranteed portion of outstanding principal.
Prepayment penalty Lenders customary pre-payment penalty.


 

Credit Tenant Lease Financing

Feature Characteristics
Eligible Property Property is 100% leased to credit tenant and has long term lease
Loan amount $ 4 Million or MORE
Property Type Office, Retail, Industrial, Healthcare, Warehouses
Transaction Type Acquisition or Refinance
Forward Rate Lock Up to 12 months
Interest Rate Starting at 4.5%
Tenants S&P or Moody Investment Grade Tenants
LTV Up to 100%
Loan terms Up to lease term
Minimum DSCR 1.05%