STATED INCOME / STATED ASSETS / NO DOC
Stated Income/Stated Asset Commercial Loan Program (USA, Canada, UK). That means little or no documentation required – and you enjoy greater flexibility and faster turnaround times.
-Loan from $100,000 to $1,000,000 USD
-No tax returns required
-No income verification
-Unrestricted cash-out
-Fixed or adjustable rates
-15-year to 30-year amortization
-Loans to corporations, partnerships, and trusts ok
-Up to 100% financing of purchase price in USA if appraised value is 70% or less
-Up to 100% financing of purchase price in USA if property income can support 11% interest rate
-Loan available in USA, Canada, & UK (Canada & UK max loan $1 Million)
APPLY ONLINE (click here)
| STATED INCOME / STATED ASSETS / LOW DOC |
|
Loan Criteria |
Program guidelines |
| Loan Size |
$100,000 to $1,000,000 USD |
| Lending area |
USA - All 50 states |
| Type |
Purchase, refinance rate/term, refinance cashout |
| Loan-To-Value |
Max 75% LTV (if seller flexible more financing possible)
USA: Up to 100% financing if property value below 70% LTV or
if property income can support 11% interest rate
|
| Seller financing |
Not allowed |
| Property Type |
* Tier I: Multifamily, Mixed Use (>50% Res. Component)
* Tier II: Mixed Used, Office, Retail, Warehouse, Ligh Industrial, Mobile Home Park, Self Storage, Bed & Breakfast
* Tier III: Industrial, Automotive, Funeral Home, Rooming House, Flagged Hospitality
* Tier IV: Health Care, Day Care, RV Park, Unflagged Hospitality, Restaurant, gas station, Other Special Purpose
* Exclude: Traditional Church, Land, Construction
|
| Interest Rate |
7%+ |
| Term |
up to 30 years |
| Amortization |
30 years |
| Credit Score |
Minimum middle credit score 580 primary borrower
|
| Closing Time |
Quick closing - 30 to 45 days |
| Lender Fee(s) |
Up to $1,000 |
| Origination Fee(s) |
0% to 0.50% |
| Debt Coverage Ratio |
1.10 |
| Closing Costs |
$5,000 - $10,000
|
| Prepayment Penalty |
yes up to 5 years |
|
ELIGIBLE PROPERTIES
Mixed Use/Apartment Buildings – These properties integrate residential spaces with commercial uses, such as retail or office space. Often these properties have a ground floor retail store or office with apartment(s) above, all in the same building.
Self-Storage Facilities – Now one of the most competitive building classes in the country, these facilities are designed primarily for storage. This category also includes cold storage, RV and boat storage facilities, and truck terminals (transit facilities).
Retail/Office Buildings – Designed for retail or office sales and display, this category includes stand-alone buildings such as offices, supermarkets, convenience stores, drug stores, department stores, bakeries, and beauty shops – as well as strip centers, and neighborhood and community shopping centers.
Warehouses/Light Industrial Properties – Single and multi-tenant facilities that are used for warehousing, light manufacturing, distribution, research and development. Does not include buildings where heavy manufacturing or specialized industrial operations such as welding occur.
Automotive Services – Includes everything from auto repair facilities to retail auto shops and part supply stores.
Multi-Family Housing – residential structures that contain five or more dwelling units in the same building.
Ineligible properties include:
Adult entertainment
Agricultural purpose
Church/Religious
Education
Heavy industrial
Hospitals
|
