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Low Document Loans-Owner Occupied
This program is designed for owner operated properties (51% or greater) where
speed and minimal paperwork is required and the closing process is expedited.
Program Attributes
• Approvals within 5 business days and closings 30 business days
• Loan Approval based on market rents and credit of applicant
• Loans up to $3 million • Purchases to 80% LTV
• Cash-out refinances up to 65% LTV • 30-year fully amortized
• 5 and 10 Year Fixed Rate Options • Refinance to 70% LTV
• Seller Financing Allowed • Combined LTVs to 75%
• 3/5/15 Year Fixed Rates available • Purchase or Refinance
Eligible Commercial Property Types
• Retail, Office, Warehouse • Restaurant
• Shopping Centers/ Strip Malls • Convenience Stores
• Automotive Repair / Sales • Mixed-Use
Program Parameters
• Borrower in business for a minimum of 5 years
• Proof of timely commercial rent or mortgage paid for 12 last months
• Borrower occupies greater than 25% of subject property
• Minimum average FICO scores of at least 700 for refinances
• Minimum average FICO scores of at least 725 for purchases
• Appraisal must support a 1:1 Debt Service Coverage based on property income
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