COMMERCIAL PROGRAM

Purpose                                     Purchase/Cash-Out/Refinance

Loan Amount                            $100k - $2M

Terms                                         5-Year ARM/30–Year Fixed

Amortization                             15, 25, 30

Max LTV                                    <$500k:75%/>$500:70%

Recourse                                   Full

FICO                                          650

Min DSCR                                  Owner-Occupied:1.20x1/Investor:1.15x1

Stabilization                               75% occupancy required over a 90 day  trailing UW period2

UW Method                               Owner-Occupied: Global DSCR Investor:

                                                    Property DSCR

 

Pre-Payment Fee                       5% for 5 years/5% for 3 years

                                                    Declining 5%, 4%, 3%, 2%, 1%

Documentation                          2 years personal & business tax returns

Eligible Properties                      Tier I: Multifamily, Mixed-Use (primary res)

                                                     Tier II: Retail, Mixed-Use (primary comm),

                                                     Warehouse/Self-Storage, Office, Light Industrial,

                                                     Automotive, Mobile Home Park

 

 1Debt service requirement is based on borrower’s FICO score and may be higher than figures shown

 2Not applicable if property is purchased as a new space or expansion.

GENERAL GUIDELINES & POINTS OF EMPHASIS

  • RESERVES REQUIREMENT

6+ months of liquid financial reserves measured by number of months of the qualifying

Principal and interest payment of the subject property for all purchases, cash-out and rate/term transactions.

  • BUY DOWNS

0.375% = 1 point cost

  • CAPS/FLOORS

WSJ Prime Index plus margin on note date. Initial Reset and Annual Adjust cap 2%.
Life Cap: Initial rate +6%. Life Floor: Initial rate