Program A2

 LIMITED INCOME VERIFICATION BUSINESS LOANS

LOAN AMOUNT - Minimum: $25,000
– Maximum: $500,000
Loan Term 5 Years – 25 Years
RATE - Fixed Rate
– Adjustable Rate
ARM INDEX Wall Street Journal Prime
PREPAYMENT PENALTY - 5% Months 1-12
– 4% Months 13-24
– 3% Months 25-36
– 2% Months 37-48
– 1% Months 49-60
PERSONAL GUARANTEES Personal guarantees are required on all loans.
MAXIMUM COMBINED LOAN TO VALUE CLTV’s considered up to 80% on a case by case basis
MINIMUM PROPERTY VALUE $75,000 OR $12,000 per unit
LIEN POSITION First liens on primary collateral
OCCUPANCY - Owner Occupied
– Non-Owner Occupied
CASH OUT REFINANCES Maximum cash to borrower is $150,000
BORROWER QUALIFICATIONS Full income verification is not required. Borrower is required to describe the type of business & provide relevant documentation to prove how income is generated.
CREDIT QUALITY MORTGAGE - Mortgage must be current.
– Mortgage must have been rated for at least 24 months. Mortgage rating must not have more than 1 30day delinquency in the past 12 month period.
CREDIT QUALITY CONSUMER CREDIT Majority of accounts must be paid “AS AGREED” Limited 30 day delinquencies allowed with explanation.
CHARGE OFFS/ COLLECTIONS/ BANKRUPTCIES - Charge offs are not allowed in the prior 12 month period. Charge Offs over $500 are not allowed in the period between months 13-24.
– Bankruptcies are not allowed in the prior 2 year period.
FINANCIAL REVIEW - 3 primary business/trade references may be required.
– The existense of the business for at least 3 years must be documented.
– Business tax returns for the past 2 years required
RESTRICTIONS - Corporate or business losses cannot exceed 5% of gross sales
– No start up ventures.
APPRAISALS An Apex obtained appraisal is required on all properties.
ENVIRONMENTAL - All loans must have an environmental questionnaire completed.
– All loans require the payment of an Environmental Processing Fee of $500-$1,500.
AGE OF DOCUMENTATION - Credit documents cannot be more than 90 days old.
– Appraisals must be less than 60 days old at the time of closing.
ELIGIBLE PROPERTY TYPES See attched LTV list
INELIGIBLE PROPERTY TYPES
  • Gas Stations
  • Salvage Yards
  • Farmland/Rural Properties
  • Vacant Lots
  • Manufacturing/Industrial Properties
  • Dry Cleaners (drop off/pick up considered)
  • Condo Hotels
  • Cooperatives
  • Manufacturing Housing/Mobile Homes
  • Assisted Living Facilities
  • Bar/Restaurants (Free Standing)
PROPERTY TYPES
OWNER OCCUPIED/NON-OWNER OCCUPIED
MAX LTV DSCR
Single Family Residence (additional collateral only) 70 65
2-4 unit property 70 65
5-9 unit property 70 65
10-25 unit property 70 65
Motel/Hotel 60+50BPS
Mixed Use (1 commcl & 1-4 unit resi) 70 65
Mixed Use (commerical & residential) 70 65
Professional Office Space 70 65
Retail Store (Free/Strip Standing) 60
Mobile Home Park 60
Office/Warehouse 55 + 65 BPS
Church/House of Worship 60
Garage/Storage 50 + 150 BPS + Primary Residence
Small Commercial 60
Recreational Properties 50
Auto Repair/Auto Body 55 + 75 BPS
UNDERWRITING DOCUMENTATION REQUIRED 1. Summary sheet
2. COMPLETED 1003 application
3. Credit report

Call 866-227-4012 or visit www.trinixcommercialcapital.com for a free
no obligation consultation on any of these programs!