| Owner Occupied | Non-Owner Occupied / Investor | |
|---|---|---|
| Maximum loan amount | $4,000,000.00* 65% Multi-use
* 60% Semi-generic * 55% Special use Please see Quick Reference Table for property classification |
$4,000,000.00* 65% Multi-use
* 60% Semi-generic * 55% Special use * 55% Unanchored retail Please see Quick Reference Table for property classification |
| Maximum LTV (1st lien) | 25 years | 20 years25 years *
*On Exception Areas |
| Minimum personal credit | 650 – No previous bankruptcy | 650 – No previous bankruptcy |
| Acceptable markets | Urban/suburban areas | Urban/suburban areas |
| Avoid | * Gas station/C-store* Car wash
* Auto dealership * Night clubs * Athletic/fitness centers * Special-use start-ups * Assisted living facilities |
* Gas station/C-store* Car wash
* Auto dealership * Night clubs * Athletic/fitness centers * Special-use start-ups * Assisted living facilities |
| Preferred characteristics | Multi-use<75,000 SqFt | * Warehouse* Office
* Manufacturing * Medical offices |
| Minimum equity injection | 10% – 25% | 20% |
| Minimum EDSC | 1.20X | 1.40X |
| Management experience | Prior ownership & management preferred | Previous ownership required |
| Minimum prepayment penalty | Declining 5% for years 1-5 | Declining 5% for years 1-5 |
| Reasonable cap rate | 8.5% – 9.5% | 8.5% – 9.5% |
| Other sources of income DSC | If start-up, 1.20X from outside source | 0.25X from outside source |
| Collateral (1st position) | Real property | Real property in all states except AZ, AL, AR, CA, FL, GA, IN, LA, OH, MI, MS & NV.On above mentioned states, the borrower must occupy 25%, in order to qualify |
Max. LTV Quick Reference Table
| Property Type | Max. LTV | Limitations/Approval Requirements |
|---|---|---|
| Generic/Special Use• Generic
• Office, warehouse (commercial & industrial) • Light manufacturing & industrial • Retail/mixed retail with office |
65% | Depending on age, quality, location, size and financial strength |
| Semi Generic• New automobile dealers
• Light automotive services • Tire and brake centers • Grocery stores • Funeral homes |
60% | Depending on age, quality, location, size and financial strength |
| Special-Use• Bowling centers
• Restaurants • Oil/lube centers • School or day care • Golf courses • Dry cleaners • Self-storage |
55% | Depending on age, quality, location, size and financial strength |
| Refinances• Multi-purpose
• Unanchored retail and special-use |
65%55% |