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Small & Large Balance Loans
posted on: 06/24/2009 | views: 127
Small Balance Commercial Loans:
$100,000 to $1 Million
Fast Closings
Eligible Property Types:
Multifamily 5+, Mix-Use, Office, Retail Self Storage
Warehouse, Automotive, Hotel & Motels, Light Industrial, O/O Bars & Restaurants, And More......
Small Balance Portfolio Program:
. Credit from 600+
. Loan Amounts $100,000 to $1,000,000 most properties eligible.
. No Upfront Fees
. Appraisal paid COD
. Adjustable Prime + Program
. Full Term Fixed Fully Amortized Loans
Refinances can close in as little as 14 - 21 days.
Purchases can be completed in as little as 21 days
.PROGRAM INFORMATION:
Our special Purpose Program is for low credit or Stated Income borrowers (down to 600 credit) and has a max LTV of 65%. Loan amounts range from $100k - $1M and have a simple step down prepay of 5, 4, 3, 2, 1. In some area’s we will close on a verbal from our appraiser and can close in as little as 14 days. Property types includes: Mixed-Use, Multi-Family, Office, Retail, Warehouse, Lt. Industrial, Self-Storage, Automotive, Restaurant/Bar, and more. We will also consider 2 – 4 unit properties that are owned in the name of a business entity (i.e. Corp., LLC, etc.). We do charge 1 Lender Point and a Processing Fee on all loans.
As a guide, states we do not lend in for the Special Purpose Program are AK, AL, HI, OH, MI, NV, VT, and WV.
Needed for Submission:
1. Submission Form (see attached)
2. A complete 1003
3. Current Tri-merge credit report (within 30 Days)
4. Color pictures of subject property (interior & exterior)
We also offer Traditional Financing Products for Full Doc loans. Borrower Fico must be 680+. Loan amounts range from $500k + for owner occupied properties and $750k + for Investment & Multi-Family Properties. Rates start at Prime + 1.75% on quarterly adjustable 25-year fully amortized loan, we also offer 5, and 10 year fixed products amortized over 25yrs. Our Max LTV is 75% for these products and properties must Debt Service at 1.25x or greater. Property types include: Mixed-Use, Multi-Family, Office, Retail, Warehouse, Lt. Industrial, Self-Storage, Automotive, Restaurant/Bar, and more.
Needed for Submission:
1.Submission Form (see attached)
2.A Complete 10033.Current Tri-merge Credit Report4.3yrs Personal & Business Tax Returns5.3yrs Operating History + Year to Date for the Subject Property
6.Color Photos (interior & exterior)
Our Hard Money program goes up to 55%ltv. These loans are 6 – 24 months with an interest only option. Points and rate are deal specific, but average between 4-7 points and 11%-13% interest rate.
Needed for Submission:
1. Submission Form (see attached)
2. A Complete 10033. Current Tri-merge Credit Report4. 2yrs Personal & Business Tax Returns5. Color Photos (interior & exterior)
Below is my personal contact information. Please feel free to call with any questions; I am here to help any way I can.
Sincere thanks,
President / CEO of Commercial Lending
Kevin C Riddick
Office: 773-924-2253
Fax: 1-800-307-9240
cro971@comcast.net
or
Ernestine Bell
Account Executive
773-779-7991
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