Small Commercial Income Producing Property Loans

Loan Amounts $250,000 u $5 Million

Property Types: 
          

     Eligible Properties are Multifamily, Mixed-Use, Office, Retail, Self-Storage, Light Industrial, Bed & Breakfast, Warehouse, Mobile Home Park, Automotive, Funeral Home, Flagged and Unflagged Hotel, Rooming House, Healthcare, Day Care, RV Park, Restaurant, Gas Stations, Condominium, Owner-Occupied, and Special Purpose.

     Ineligible Properties are Churches, Raw Land Development, Farms, Construction, and Adult Entertainment Facilities.

Loan Purpose:             Purchase, Rate & Term Refinance, Cash-out Refinance with no limit to Cash-Out for owner-occupied and investment properties.

Loan to Value:              Up to 97% of Appraised Value.

Loan Term:                  Typically, Fifteen (15), Twenty (20) and Thirty (30) Years, Fully Amortizing.

Amortization:               Up to Thirty (30) Years.

Interest Rates:              Six (6) month Adjustable, 2, 3 & 7 Year Fixed Rates, and 30 Year Declining Fixed Rates.

Origination:                  Two percent (2%) of the loan amount.

Borrower Costs;           Borrower pays for application, inspection, all third party costs, closing and title.  A deposit and/or applicable commitment fee is required.

Documentation:            Borrower information, Property Information, financial statements and operating statements on borrower and property, YTD & last FYE, current rent roll, two years of Income Tax Returns, and appraisal (if available).

Advantages & Time Line: Fast response time, lenient underwriting, minimal lender costs, no lender’s legal, low cost appraisal fees, and environmental reports, and typical closing within 30-45 days.

Small Loan Program Document Requirements

Completion of Borrower Questionnaire - (Form to be provided.)

Application Form – 1003 form to be furnished, completed and dated by the Borrower.

Credit Report – A Tri-merge report that provides credit scores from the agencies. (The borrower can secure a copy of their credit report and submit with the documentation.)

Loan Supplement Form – The form will be provided and the borrower will need to complete, date and sign.

Purchase / Sales Agreement – If applicable to the transaction, will be required to be submitted.

Commercial Tenant Rent Roll – If applicable to the specific property will be required to be submitted.  (A form will be provided.)

Multifamily Tenant Rent Roll – If applicable to the specific property will be required to be submitted. (A form will be provided.)

Historical and Current YTD Income and Expense Statements – The operating documentation is required to be submitted.  (A form will be provided.)

Appraisal – If an existing appraisal is available, it will need to be submitted.  Do not order a new appraisal.  In most cases, a new appraisal will be required and will be ordered after the conditional letter of commitment has been issued and executed.

Environmental Report – If an existing Environmental Report is available, a copy will be submitted.  The borrower will be required to complete an Environmental Questionnaire.  (A form will be provided.)

Tax Returns – The borrower will submit the most recent two (2) years of Income Tax Returns.

Color Photographs – Photographs of the exterior and interior of the property are to be submitted.