Are you looking for an alternative commercial loan with no seasoning on down money? If so, National Real Estate Investors Group is excited to offer a unique program for qualified borrowers.
Here is the list of Commercial Real Estate Investment Loan With No Seasoning On Down Money Program Requirements:
FICO Score: 650 or Above
Loan Terms: 30-year Amortization with No Balloon! Both three and eight year Fixed options available.
Loan Size: $75K to $5 Million
Max LTV: 75% Multi-family and mixed-use. 70% LTV on all other commercial property types including 1-4 unit investment properties.
Max CLTV: Stands for combined LTV. The lender will allow a second mortgage behind theirs as long as the combined LTV’s do not exceed 80% of the appraised value of the property.
Debt Service Ratio: 1.25. Loans that are under 500k offer no debt service ratio calculated by the lender.
Interest Rate: 7.50%-8.50%.
Qualifying Property Types: Multifamily (5+ units), mixed-use, office, retail, warehouse, self-storage, auto-service (no old gas stations or underground storage tanks) and 1-4 unit investment properties. Mobile Home Parks and Day Cares considered on a case-to-case basis.
Pre-Payment Penalty: 5% of the loan amount for the 8-year fixed period. 3% of the loan amount for the 3-year fixed period. Step down.
Use of Funds: Funds can get used for Purchasing, Refinancing, and “Cash-Out” Refinancing. No lowering of LTV for cash out!
Asset Verification: The lender only asks for one current bank statement from the borrower on a purchase to verify the borrower has the funds. Sources of where these monies originated are not required. On refinancing, the lender does not ask for bank statements at all!
Lending Territories: Nationwide besides MN, MI, IL, ND, SD, VT and TN.
Special: NO TAX RETURNS or W2’s REQUIRED, All cash out available.
Required Loan Docs: Executive Summary, Current rent roll, Copies of all leases, 1003, Past two years operating statements and current year-end operating statements, Pictures of property, Tri-merge credit report.
If you are looking for commercial funding and you and your project meet all of the above-stated requirements, you can start the application process by filling in the form below!