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 FICO 5 yr. fixed; am 6.45%-7.29% based on FICO 10 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/hotels 1.35 Minimum for retail store/strip, mobile home park, small commercial, office warehouse, church/house of worship 1.40 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 comparable 2. Cost approach 3. 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% |