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Stated-Series Stated Income & LowDoc Commercial
Lending
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Are you searching for commercial financing but are unable
to, or would prefer not to provide personal or business
tax returns, and would rather not pay hard equity rates
or fees?
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| CommercialBanc's
Non-Conforming Department provides competitive
commercial
financing for borrowers requiring a reduced document or
stated income option - with competitive rates and terms
and minimal fee structures. |
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Stated-Series LowDoc and Stated Income Commercial Loan Program |
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Designed for borrowers seeking
commercial financing but are unable to provide or
historically document income, Stated-Series commercial
loan program does not require tax returns, financial
statements, or monthly/annual reporting.
Benefits include: |
● No personal or
business income tax returns required
● No personal financial statements required
- No monthly/annual reporting requirements
● No balloon or call provisions - Up to five
year fixed rates
● Up to 85% financing for good credit
borrowers - Good property condition required
● Minimal fee structure with no lender point
options |
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Program Overview and Highlights |
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Commercial
Loan Sizes
$100,000 - $2,000,000 |
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15, 20,
25, 30 Year Amortizations |
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6 Month, 1, 2, 5,
Year Fixed Rates |
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Up to 85%
LTV Based on Property/Credit |
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Purchase or
Acquisition |
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5%
Prepayment Penalty to 5 Years
20% Annual Principal Reduction With No Prepayment
Penalty |
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Appraisal Rents Qualify Income
Subject Property Rent Roll Required
Subject Property I/E Required |
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Impounds: Tax and Insurance |
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Standard PI Payment |
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Interest
Rate Floor: Initial Start Rate
Margin: 325 BPS
6 Month LIBOR
CAPS: 1/5/6 |
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No
Personal Tax Returns |
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No Business Tax
Returns |
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No Financial Statements |
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No Monthly/Annual Reporting |
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Streamline Loan Process |
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Extremely Fast
Closings |
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575 Minimum Credit Score |
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Subordinate Financing
to 90% |
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Owner Occupied or
Investor Properties |
| Eligible
Property Types and Description |
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Multifamily:
Structures containing five or more dwelling
units with common area facilities such as
entrances, lobby, elevator, stairs, mechanical
space, walks or grounds. Units must be rented on
a non-transient basis such that tenants consider
their unit their permanent residence.
Mixed-Use: Mixed-use properties
must contain at least one commercial unit
(retail, office, etc.) and at least one
residential unit. To be considered mixed-use
multifamily, the primary use must be
residential. If the predominant use is
non-residential, rate and term will change,
reflecting a commercial mixed-use designation.
Commercial:
Bed and breakfast, light industrial, mobile home
park, office, retail, self storage, warehouse,
automotive, flagged hospitality, non-flagged
hospitality, funeral home, industrial, rooming
house, day care, health care, restaurants, RV
park. |
| Ineligible
Property Types and Description |
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| Bar, Night Clubs, Dance
Clubs, Nursing Homes, Assisted Living Facility, Houses of
Worship, Rural or Agricultural,
Prisons, Co-Ops, Time Shares, Illegal Use Properties,
Hotels, Motels, Campgrounds, & Gas
Station. |
| Program availability may vary
depending state, population, economic conditions, exposure,
and other variables that may negatively influence risk. |
| Borrowers
Most Likely to Choose the Stated-Series Program |
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Most borrowers choose the
Stated-Series
stated income commercial loan program because
of the inability to document current or historical
income. Or, many borrowers simply wish not to provide
personal/business tax returns, or personal financial statements. |
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