| New Program for Stated Income - Credit Line
- Commercial
Investor - Owner Occupied -
Click here for FAQ's
Finally!!
A stated small balance commercial equity loan product that is
perfect for the small business owner Nationwide.
We offer flexible terms on a line of credit or fixed
rate. Most commercial property types are
considered and income verification is very minimal.
The features of our Stated Small Balance commercial real
estate loans are as follows:
- Purchase1,
Refinance, Equity loans and lines of credit
ranging from $50,000 -
$500,000
- No up front fee or
title/escrow fees on equity and refinance
transactions
- Minimum FICO 660 for Owner
Stated income
- Minimum FICO 680 for
investor - Schedule E's or corporate only - no
personal tax returns
- 12 months seasoning of
ownership unless property is free and clear - 90
days stabilization of rents
- Loan origination fee - 1 - 3%
- All legal entities;
individuals, sole proprietors, LLC’s, corporations
and trusts
- Wide variety of eligible
commercial property types
- Owner-occupied or investor
real estate
- Commercial real estate
property value up to $3 million1
- 1st or 2nd lien position
- Fixed or adjustable rates,
commercial equity line of credit (CELOC) and
line/loan combo
- Stated-income equity line of
credit option, streamlined
application process
- Tailored for self-employed,
small business and commercial real estate
investors
- Credit decision usually
within 72 hours - Fast closings!
All standard property
types and many non-traditional property
types are eligible for commercial loans,
including:
- Office
- Mixed-use
- Retail
- Some environmentally
sensitive properties
- Special Purpose
- Warehouse
- Multi-family residential 5+
- Residential 1-4*
 download
latest version
Have more questions? - Call us now to answer
them - 317-663-3153
* Residential 1-4 must be
vested as a business, partnership, corporation or
LLC.
Not available in TX or VA. Cannot do purchase on SFR
1-4.
Most Common
Eligible Special Purpose Properties
(Max 60% LTV)
- Assisted Living Facility
- Auto Repair Shop
- Convalescent Home
- Daycare or Preschool
- Fast Food Restaurant
- Gas Station <10 yrs old
- Health Club or Gym
- Mini-mart
- Nursery (Horticulture)
- Self-storage
- Theater
Non-eligible Property
Types Include:
-
Agricultural/Forestry/Orchard/Farm
- Auto Wrecking/Auto Salvage
Yard
- Cemetery
- Dry Cleaning Plant
- Gas Station > 10 years old
- Golf Course
- Heavy Industrial
- Hospitality (hotel, motel, B
& B, condo-tel)
- Mobile Home/RV Park
- Non-Profit Organization
- Vacant/Undeveloped Land
- Time Share Property
|
Risk based underwriting - Approved LTV/CLTV is
dependent on applicant’s credit history and
property type.
|
Equity or Refinance |
Purchase |
|
Property Value up to
$2 Million |
Property Value up to
$3 Million |
Property Value up to
$3 Million |
|
Loan Amount |
$50,000 to $250,000
|
> $250,000 to $500,000
|
$50,000 to $500,000
|
$50,000 to $500,000
|
|
Ownership/Property
Type
|
Minimum FICO
|
Max Product LTV/CLTV
|
Max Product LTV/CLTV
|
Max Product LTV2
|
Max Product CLTV
with Seller 2nd Financing
|
|
Owner-Occupied
(Owner's business occupies at least 51% of
building square footage)
|
680
|
Up to 75%
|
Up to 75% Loans>
70% Lines
|
Up to 70%
|
80%
|
| Investor |
700 |
Up to 75%
|
Up to 75% Loans>
70% Lines
|
Up to 70%
|
80%
|
Special Purpose
Property
(Single Use Type Properties) |
700 |
Up to 60%1
|
Up to 50%
|
Up to 50%
|
80%
|
Terms:
- Fixed loans: 5, 7, 10, 15;
25 due in 10 and 30 due in 5
- ARMs: 5, 10, 15; 25 due in
10 and 30 due in 5
- Commercial Equity Line of
Credit (CELOC)
- Line/Loan Combo on refinance
and equity transactions
Have more questions? - Call us now to answer
them - 317-663-3153
download
latest version
|
