Lite doc simply means slightly less documentation then a full documentation loan.

 

NEW PROGRAM FOR CLIENTS WHO WANT A NO DOC LOAN WITH LOW BANK RATES !

New A+ Loan Program 6.5% 3/1 or 5/1 ARM 30 am 700 fico 60-65LTV Up to 1m

New program

  • A nationwide funding Up to 1m
  • Competitive rates starting at 6.5%
  • 3/1 ARM or 5/1 ARM 30 am 60-65 LTV
  • Fixed and fully-amortizing terms
  • No upfront lender fees
  • First Time investors do not qualify
  • Closings in as little as 2-3 weeks from commitment

Please review below.

Loan rates starting at 6.5%

Hybrid fixed Rate to Monthly ARM Starting at 6.50% – ARM is Prime + 3%

Monthly ARM Prime + 2%

Floor and Lifetime Cap Floor is equal to the start rate. Lifetime cap is 6% over the start rate.

Prepayment Penalties

5 year (5,4,3,2,1)

3 year (3,2,1)

What type of properties?

Property Types: 2 year seasoning on all collateral

Multi – family : non owner occupied 65 LTV 1.25 DCR

Mixed use 60 LTV 1.3 DCR

Professional office space 60 LTV 1.3 DCR

Retail store – strip/ free standing 60 LTV 1.35 DCR

Lien Position – First liens only.

Occupancy – Owner occupied (exception of 1-4 residential) Non owner occupied

Use of proceeds restrictions – Cash Out refinance: case by case (no business start up)

Minimum debt cover ratio – For DCR purposes, rent for owner occupied units will be determined by current market rents.

DCR on business income will also be a method for determining eligibility.

Personal Guarantees – Personal guarantees are required on all loans

Credit Quality Min fico 700

Mortgage All mortgages must be current. Mortgage must be rated for at least 24 months.

Consumer Credit All accounts must be paid. Charge offs are not allowed in the prior twenty four (24) month period. No current delinquencies.

Liens of Record No existing 940/94 Tax Liens/ Past due child support

Bankruptcies Bankruptcies are not allowed in the prior 5 year period

Tax Returns Tax returns for all borrowers and guarantors are required Extensions will not be accepted.

Appraisal. Lender chooses which lender company to use.

Environmental All loans must have an environmental questionnaire completed.

Due diligence must show the subject property clear of existing or potential environmental hazards. Any past environmental violations require closure documentation from the proper jurisdiction.

Age of Documentation Credit documentation cannot be more than 90 days old. Appraisal must be less than 60 days old at the time of the closing.

Other Considerations.

  • Refinance properties cannot currently be listed for sale or have been on the market within the previews 24 months
  • No foreign borrowers with US Corporations
  • Non arms length transactions are restricted
  • First Time investors do not qualify
  • New business ventures do not qualify
  • Proof of citizenship required on all borrowers and guarantors
  • Tax exempt borrowers do not qualify for this program
  • No seller financing or concessions allowed on purchases
  • Revocable trusts or trusts with minors as beneficiaries do not qualify as borrowers
  • All borrowing entities must be established 24 months or longer. Purchases will be considered on case by case basis.
  • All investment properties must be managed directly by borrower located within a 4 hour drive. Otherwise an experienced property manager must be hired for the subject collateral.

 

We offer the biggest variety of full doc, Lite doc and No Doc Loan Programs.

Did you know that we also lend on 1-4 unit Residential properties? Full Doc Loan Program

INVESTMENT 1-4 RESIDENTIAL NON-CONFORMING LOANS GENERALLY UP TO 70% LTV

This includes condominiums, Co-ops, and jumbo loans.

ADJUSTABLE RATE PRODUCTS CONFORMING

3/1 YEAR ARM

RATE

TERM

3.750%

30 YEARS

 

5/1 YEAR ARM

RATE

TERM

4.000%

30 YEARS

 

7/1 YEAR ARM

RATE

TERM

4.625%

30 YEARS

 

10/1 YEAR ARM*

RATE

TERM

4.750%

30     YEARS

                         *First Time Home Buyer 4.250% Base Rate

FIXED RATE PRODUCTS

15 YEAR FIXED CONFORMING

RATE

TERM

5.125%

15 YEARS

New! 

SFR, Condo, PUD,

2-4 Family

 Below is a great example of a new program with low bank rates but requires no tax returns. The only negative is there is no cash out.

SFR, Condo, PUD, 2-4 Unit

No Tax Returns with Bank Rates. Min fico 600. No Cash Out. Just for refi rate and term.

LTV Ratio and Loan Amount:

 

Purchase & R/T Refinance

 

Cash Out Refinance

 

Maximum

Cash Out

 

LTV

Max. Amt.

LTV

Max. Amt.

 

SFR, Condo, PUD,

2-4 Family

75%

70%

65%

60%

50%

$600,000

$1,000,000

$1,500,000

$2,000,000

Higher

70%

65%

60%

55%

45%

$600,000

$1,000,000

$1,500,000

$2,000,000

Higher

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

Note: (1) Minimum credit score 600, (2) Reduce LTV by 5% for rental properties and Investor Mortgage Program.

 

Pricing: 5/1 ARM (Adjustable Rate Mortgage)

Initial Rate

Term

Index

Margin

Rate Adjustment Caps

Origination Fee

5Y: 5.25%

7Y: 5.50%

30 Years

Prime Rate

2%

2/2/5

5/2/5

0.50% (NJ)

0.75% (NY)

 

Residential

5/1 or 7/1 ARM (DTI 60% / LTV 75%)

    • 12 Month Business Bank Statement Loan

 

    • Written VOE

 

    • Asset Depletion (Cash, Stocks, IRA)

 

  • CPA prepared Profit & Loss Statement

Ideal for self-employed, seasonal income: Consultant, promoter, tax-preparer, freelancer, artist or other professional with an irregular income stream.

Instead of requiring years of tax documents, W-2s, or proof of regular payroll checks, we base our lending decision on a combination of your bank statements and a Profit & Loss statement for your business. Even if you earn your income in just part of the year, as long as you maintain bank accounts documenting your income stream.

 

Asset Depletion Program:

FMV based on Zillow x 80%, divide by 60 months to receive the monthly income amount.

Ex. Zillow value of $1,000,000 X 80% = $800,000 / 60 = $13,333 per month income. (Deduct Taxes, Home Owners Insurance)

 

Business Bank Statements:  30% of Deposits 

Add all deposits for all 12 months, divide by 12 respectively to receive the monthly income amount we will allow for the borrower.

Ex. 12-month deposit total = $500,000 X 0.3 = 150,000 / 12 = $12,500 per month income. Only 30% is used because we have to assume the business has overhead

Looking for a Bank Loan here is an example?

Current  Bank Rates

I’ve included below a selection of current rates for a few of our products. I’d be happy to discuss options with you and your client based on their particular needs.

Multi-Family ( 5 Residential Units and Up)

3/3/3/3/3/3/3/3/3/3 ARM 30 YEAR AMORTIZATION

Rate

Price

4.375%

101

4.000%

PAR

5/5/5/5/5 ARM 30 YEAR AMORTIZATION

Rate

Price

4.625%

101

4.250%

PAR

15 Year Fixed

Rate

Rate

5.00%

101

4.625%

PAR

10 Year Balloon 25 YEAR AMORTIZATION

Rate

Price

5.125%

101

4.750%

PAR

7/7 ARM Balloon 30 YEAR AMORTIZATION

Rate

Price

4.750%

101

4.500%

PAR

Mixed-Use (1-4 Residential Units + *3 Commercial Units)

3/3/3/3/3/3/3/3/3/3 ARM 30 YEAR AMORTIZATION

Rate

Price

4.625%

101

4.250%

PAR

5/5/5/5/5 ARM 30 YEAR AMORTIZATION

Rate

Price

4.875%

101

4.500%

PAR

15 Year Fixed

Rate

Rate

5.375%

101

5.000%

PAR

10 Year Balloon 25 YEAR AMORTIZATION

Rate

Price

5.250%

101

4.875%

PAR

7/7 ARM Balloon 30 YEAR AMORTIZATION

Rate

Price

5.125%

101

4.750%

PAR

*Mixed-Use with more than 3 commercial units will be considered at higher rates

*FEDERAL HOME LOAN BANK

   

*FEDERAL HOME LOAN BANK

 

FHLB INDEX RATES

05.02.2018

 

FHLB INDEX RATES

05.09.2018

3 YEAR F.H.L.B.*

3.06%

 

3 YEAR F.H.L.B.*

2.87%

5 YEAR F.H.L.B.*

3.23%

 

5 YEAR F.H.L.B.*

3.01%

7 YEAR F.H.L.B.*

3.45%

 

7 YEAR F.H.L.B.*

3.24%

10 YEAR F.H.L.B.*

3.65%

 

10 YEAR F.H.L.B.*

3.45%

             

US TREASURY INDEX RATES

05.02.2018

 

US TREASURY INDEX RATES

05.09.2018

1 YEAR US TREASURY

2.25%

 

1 YEAR US TREASURY

2.24%

 

97 Victory Ave, Buffalo, NY 14218

 

1-4 Unit Rental Property Loan Program

Here we have an example of a great no doc loan program for 1- 4 unit apartment buildings. Purchase or Refinance.

Many lenders today do not want new investors and here is one of them. The loan program requires that you own your primary residence and maybe another investment property.

Most lenders offer fixed for 3-5 years 30 am. Here we have a lender who can offer 3/1 ARM, 7/1 ARM or Fixed for 30 years,

7-8% 3/1 Arm 30 am

Rates; 7.125, 7.375,7.625

Lending area: Nationwide

Credit Score Minimum: 650

Occupancy : Investor Only- No Owner Occupied

Cash Out: Up to 70ltv

Prepayment: 321

Underwriting 1.20 D.C.R

Cost: PAR plus $2,995 Underwriting fee

Broker. 2 points under 500k 1 point over 500k

Here is an example of a recent deal using this loan program.

Regarding refinance of 3 Unit in NJ

Objective:

Refinance current hard money loan of $108,000 at a rate of 14% and attain cash out at of 70ltv with a current value of $350,00.

Address: 10 St Newark NJ

(In order to protect my customer I did not provide the exact address:

Purchased 1 and half years ago Date? 4/15/2015

Purchase Price  38,000

Entire 3 unit was renovated

Current Value $350,000

Renovation Amount  $135,000

No lien or judgments

Rate  15%

Current Mortgage Amount   108,000

My client requested a new loan a 70ltv of the current value of $350,000t

Recently rented all three renovated units for $1300 each apartment

Rents

$1300

$1300

$1300

$3900

Expenses

Tax……………yearly ………..$5500

Water and sewer……………$2400

Insurance    …………………. $1100

Gas………………………….tenants pays…meter

Electric……………………tenants pay  meter

Expenses……………………….$9000

Gross                  …………..$46,800

Net……………………………….$37,800 net

The client ended up with a loan of $245,000 with a rate of :

7.62 % 3/1 arm 30 am 70ltv

If you are interested in this loan program or just know that you need a no tax returns required loan program I can help. Please email me your loan scenario?

mark@commercialmortgageunlimited

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