|LOAN TERM||5 Years – 25 Years|
|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.|
|ADDITIONAL COLLATERAL||As Needed|
|MAXIMUM COMBINED LOAN TO VALUE||CLTV’s considered up to 65% on a case by case basis|
|MINIMUM PROPERTY VALUE||$75,000|
|LIEN POSITION||First liens on primary collateral|
|CASH OUT REFINANCES||Maximum cash to borrower is $75,000|
|CREDIT QUALITY MORTGAGE||- Mortgage must be rated at least 24 month.
– Mortgage rate sporadic 30, 60, 90 day case by case.
|CREDIT QUALITY CONSUMER CREDIT||Case by case, writen credit explanation required at time of application.|
|CHARGE OFFS/ COLLECTIONS/ BANKRUPTCIES||- Charge offs are allowed in the prior 12 month period.
– Bankruptcies must be discharged.
|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||
|PROPERTY TYPES||MAX LTV|
|Single Family Residence (additional collateral only)||65|
|2-4 unit property||65|
|5-9 unit property||60|
|7-12 unit property||60|
|Mixed Use (1 commcl & 1-4 unit resi)||65|
|Mixed Use (commerical & residential)||60|
|Professional Office Space||60|
|Retail Store (Free/Strip Standing)||55|
|Auto Body/Auto Repair||50 + 100 BPS + Primary Residence|
UNDERWRITING DOCUMENTS REQUIRED
|1. Summary sheet
2. COMPLETED 1003 application
3. Credit report