Small Commercial Income Producing Property Loans
Loan Amounts $250,000 u $5 Million
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 lenders 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.
Tel: 800-366-7769 Fax: 830-796-4774