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Commercial
Mortgage Loan
Quick Links |
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Banc-Series
Commercial Loans |
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Flex-Series
Commercial Loan
Underwriting
Overview
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Flex-Series™ is
a non-conforming
commercial loan
program offering
borrowers fast,
flexible commercial
financing. The
following guidelines
are based on the
full document,
owner-occupied
commercial loan
program option. |
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Flex-Series Commercial
Mortgage Loan
Program Eligible Properties |
Office Building
Retail - Shopping - Out
Parcel
Office Condominiums
Sales Distribution
Medical/Dental Office
Auto Repair
Day Care /
Vocational School
Improved
Property ≥ 10 Acres
Warehouse - Distribution
Mixed-Use Commercial/Residential
Light Industrial
Professional Centers
Contractor
Yard
Restaurant
(Non-Franchised)
Convenience
Store (No Gas)
Strip Center
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Commercial Loan Size |
$250,00
- $5,000,000 |
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Fixed-Rate Terms |
3 Month, 2, 5, & 30 year
fixed
rates |
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Flex-Series Commercial
Mortgage Location Eligibility |
Commercial real estate loans under the Flex-Series
program are provided nationwide with restrictions based
on population, economic conditions, and exposure |
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Programs |
3 Month
LIBOR
2 & 5 year fixed terms followed by floating rate periods
to 30 years
30 year fully fixed |
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Interest Rate Adjustments |
6%
lifetime
CAP
Index: 3 Month LIBOR
Margin: 350 BPS
Floor: Initial rate |
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Prepayment Premium |
5% for 5
years
3% for 3 years available for rate increase of 60 BPS
A 20% pay down in any rolling 12 months is allowed
without incurring a prepay penalty |
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Commercial Mortgage Personal Guarantee
Requirements |
Full-Recourse including all individuals with 20% or more
ownership, operating company - business - |
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Minimum DSCR |
1.20
based on actual commercial loan constant |
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Income Document
Requirements |
Full Document
Low Document
Stated Income |
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Commercial Mortgage Fees |
Fixed at
$3,500 includes processing, standard legal documents,
underwriting, and appraisal review |
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Occupancy Requirements |
Owner-occupied
or investor properties |
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Title Requirements |
Title to
be ordered by CommercialBanc at borrower's cost |
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Appraisal Requirements |
Appraisal to
be ordered by CommercialBanc at borrower's cost, no
exceptions |
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Impounds |
Tax and
insurance escrows |
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Personal Credit
Requirements |
600
minimum credit score - lower credit scores accepted on a
case-by-case basis
No personal bankruptcies in past 7 years
For stated income commercial loans a minimum 660 credit
score is required |
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