Loan Matrix

Loan amounts: $500,000 to $5,000,000

Territory: Nationwide

LTV:
• 80% purchase, rate/term refi
• 85% CLTV, with seller second or a mezzanine
• 80% cash out refinance

Eligible Properties:
• Existing apt. properties w/5 + units
• Mobile home parks w/15 + pads
• Limited mixed use
• Rehabs
• Minor deferred maintenance is escrowed

DSC: .90 – 1.30 depending on program

Seasoning: 12 months ownership seasoning to use appraised value

Credit: Generally 600+

Fixed Rate Period:
• 6 months, followed by 6 month Libor +
• 3 & 5 years, followed by 6 month Libor +
• 7 & 10 years, followed by 6 month Libor +
• 15 years (fixed, full term)

Amortization:
• 25 to 30 years on ARM
• 15 year on 15 year fixed

Prepayment penalty:
• ARMs during the initial fixed period
• Fixed declining scale first 8 years

Recourse:
• Declining scale based on LTV
• Specific program guidelines

Documentation:
• Only 2 years personal tax returns
• No debt to income ratios calculated

Assumability: Assumable, 1% assumption fee

Appraisal: Lenders appraiser required
Fee based on location & number of units

Inspection: Required

Environmental: Screening possible depending on program

Impounds:
• Monthly tax & insurance escrows required
• No monthly reserves