|
SMALL
BALANCE COMMERCIAL |
Eligible Property
|
Multi-Use and Special Use |
Loan Size
|
$1,500,000 - $4,000,000 |
Amortization
|
25 Years |
Term
|
3, 5, 10 Year Fixed |
DSCR
|
Multi-Use: Year 1 > 1.10x
Year 2 & Interim > 1.25x
Special Use: >1.30x last 2 years and interim |
Owner's Draw
|
1.65% |
RECC Origination Fee
|
None |
Loan Security
|
First Lien Only, no secondary
financing |
Loan-to-Value
|
75%
Multi-Use
65% Special Use
(Cash-out Business Purposes Only) |
Credit Score
|
Min. 600, with no mortgage
lates, public records |
Rate Lock
|
N/A |
TI/LC
|
N/A |
Prepayment Penalty
|
5 yr.
Fixed - 5% for 5 years
10 yr. fixed - 10,9,8,7,6,5,4,3,2,1 |
Interest Only Option
|
N/A |
Deferred Maintenance
|
Health and Safety |
Management
|
N/A |
Recourse
|
Full |
3rd Party Fees Collected at
Signed Application
|
$10,000 for 3rd Party Fees
$2,500 Application Fee |
Processing Fee
|
$2,500
(Covers lender legal, Processing and Docs)
Collected at closing |
Assumability
|
N/A |