Programs
| General Program Guidelines | |||||
| MULTI-PURPOSE |
SPECIAL PURPOSE |
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LOAN LIMITS |
$500K to $4MM; SBA 504 – $6MM General Purpose, $8MM Manufacturing | $500K to $4MM; SBA 504 – $6MM General Purpose, $8MM Manufacturing | |||
| PROPERTY TYPES | Office Retail Mixed Use Industrial Office Warehouse Mixed Retail Light Manufacturing & Industrial Medical Office Dental Office |
New Auto Dealers Light Automotive Service & Repair Auto Tire & Brake Assisted Living Grocery Stores Daycare Centers Car Washes Funeral Homes |
Interior Corridor Construction < 20 years old < 100 units |
Mid rise >25,000 population |
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| MAX LTV/CLTV | 65%/90% | 65%/85% |
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| LOAN TERMS |
Owner User: 25 Year Fully Amortizing, Minimum 1.20 DCR. Investor: 20 to 25 year fully amortizing, 1.4 DCR. |
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| MINIMUM CREDIT SCORE | 650 | 650 |
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| MINIMUM EQUITY | 10% to 20% | 10% to 25% |
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| COLLATERAL | 1st TD-Real Property | 1st TD-Real Property |
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| LOAN PROGRAMS |
SBA 504 USDA B&I 90 Day Adjustable 1 Year Adjustable 3 Yr. Fixed 5 Yr. Fixed |
SBA 504 USDA B&I 90 Day Adjustable 1 Year Adjustable 3 Yr. Fixed 5 Yr. Fixed |
USDA B&I 1 Year Adjustable 3 Yr. Fixed 5 Yr. Fixed |
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| INDEXES | Rates are tied to 90 Day & 1 Yr. LIBOR, 3 or 5 Yr. LIBOR Swap, or WSJ Prime | ||||
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AVAILABLE PROGRAMS |
At the end of the initial fixed term, the loan will automatically convert to the Borrower’s choice of:
A) Original Swap Index + margin, adjusting every three or five years OR |
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| RATE LOCKS | 30 day rate locks are available at no cost. 60 day rate locks are available with a deposit of $2,500 or 0.50% of the permanent loan amount, whichever is greater. NOTE: The 60 day rate lock deposit is refunded at the time of closing if the interest rate at the time the loan is closed is the same as the rate stated in the Commitment Letter. If the interest rate declines and the Borrower chooses to lower the rate rather than take the rate stated in the Commitment Letter, the deposit is retained by the lender. The Rate is locked as of the date of the Commitment Letter. | ||||
| Assumption: | Subject to review and 1% fee. | ||||
| Escrows: | Taxes and Insurance required; Deferred Maintenance / Cap. Ex. as needed. | ||||
| Survey: | No survey requried with survey endorsement, except for FL, IA, NM, NY, OH & TX. | ||||
| Loan Fee: | Loans quoted at PAR. | ||||
| Application Fee: | Based upon estimated processing costs and required 3rd Party reports. | ||||
| Funding: | 45-60 days after receipt of due diligence items and an executed Application. | ||||
