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- Apartment Buildings (5 units or more)
- Mixed Use (not to exceed 40% commercial)
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Individuals, revocable trusts, maximum 2 member LLC (no sub entities) .
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- Low interest rates
- 10 - 30 year fixed rates
- Low third party costs
- Can underwrite with 3 months stabilized income
- Interest only option available
- Low debt coverage ratio options available (for low cap rate markets)
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| 6 month, 3, 5, 7 and 10 year terms available |
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| 1.15 Purchase, 1.20 Refinance, .90 for low cap rate markets*. |
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| Declining based on loan term . |
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80% - 85% Acquisitions with seller financing
Up to 80% Cash Out on Refinances
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| Cash out - 3 to 12 months required, up to 90% of orig. purchase price |
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| Middle credit scores of 640 and over generally required |
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| Early or standard rate locks available . |
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| $2,500 - $5,000 deposit typically required for appraisal, environmental, and property inspection |
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| Taxes and Insurance typically required . |
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Include the following in your request for a loan quote:
1. Completed FNMA 1003 Uniform Residential Loan Application
2. Current Rent Roll
3. YTD Operating Statement
4. Past two years financial statements on property
5. Copy of Purchase and Sales Agreement (if applicable)
6. Digital Photos of Property
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