| 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 |
| 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 prepayment
3. 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% |