SBA Own.Occ.Purchase – $200k Min. SBA 504b 2nd Lien – $120k Min. FULL DOC ONLY
CONSTRUCTION/REHAB Financing Available for MOST Properties Above –75% to 90% CLTV
Available for Owner Occupied or Fully Leased Properties ONLY – MINIMUM Loan Amount of $300,000.
MINIMUM Credit Requirements (ALL Loans/Properties): Principals MUST show proof of 10 – 12 Months Reserves and Credit Card Balances UNDER $65,000.
- Any N.O.O. Borrowers should have Outside Income to cover Living Expenses AND 25% of Mortgage.
- Property owned less than 5 Years will be Valued at Purchase Price plus Paid Capital Improvements.
- Own. Occ. Business or SINGLE Tenant MUST be Profitable on 2007 & 2008 Tax Returns and 2009 YTD.
- 660 Minimum Credit Score (720 for ANY Construction) on any Owner Occupied or N.O.O. Properties.
- Property Taxes, Mortgage Payments, and Payroll Taxes must be Current PRIOR to Underwriting.
- NO Cash-Out Available EXCEPT for Property Improvements and/or Loan Costs ONLY.
- NO Bankruptcies or Foreclosures for 10 Years.
Properties we just Can NOT Finance under this program:
- ANY RESIDENTIAL Development-Subdivision-Project-Condos-Fractionals, etc.
- Any VEHICLE DEALERS (Cars/Trucks/Motorcycles/RV’s/Boats/etc.)
- NO NEW Business Start-Ups as Primary Tenant (INCLUDES Hotels)
- Warehouse/Industrial Over 60,000 sq.ft – OR – Over 60 Years Old.
- Car Washes, Convenience Stores (w/ Gas) and Gas Stations
- ANY Hotels/Motels/Bed & Breakfast Built BEFORE 1994.
- NO Bars, NO Night-Clubs nor ANY Adult Entertainment.
- CHURCHES and most Church-Owned Facilities
- Multi-Family and APARTMENT Complexes
- Mobile Home Parks and R.V. Parks
|
Property Type |
Max LTV SBA and Non-SBA |
Estimated* Rate Adjust. and Fixed |
|
1. Office/Office-Condo/Office-Warehouse |
90% |
5.75% 6.65% |
|
2. Light Industrial/Assembly/Warehouse |
90% 60% |
5.75% 6.65% |
|
3. Multi-Store Retail Strip Center |
90% 60% |
5.75% 6.65% |
|
4. FLAGGED Hotel up to 15 years Old |
85% 55%-60% |
5.75% 7.40% |
|
5-14 $2,500,000 Maximum 1st Lien for Special Use Prop. (#5 to #14) below |
|
|
|
5. Heavy Industrial – Manuf. (Env.Survey) |
80% 50% |
5.75% 7.40% |
|
6. SFR Conversion (Office/Retail) |
80% 50% |
5.75% 7.40% |
|
7. Mixed-Use – Retail/Office with Residences |
80% 50% |
5.75% 7.40% |
|
8. Schools – Day Care – Banquet Halls |
80% 50% |
5.75% 7.40% |
|
9. Automobile/Truck/Vehicle SERVICE Center |
80% 50% |
5.75% 7.40% |
|
10. Assisted Living Facility – Funeral Home |
80% 50% |
5.75% 7.40% |
|
11. Stand-Alone Retail – Salons – Spas |
80% 50% |
5.75% 7.40% |
|
12. Laundromats – Drycleaners (Env.Survey) |
50% 50% |
5.75% 7.40% |
|
13. Self-Storage -or- ANY Metal Buildings |
50% 50% |
5.75% 7.40% |
|
14. Golf Club-Bowling Alley–Some Restaurants * ALWAYS SUBJECT TO CHANGE |
75% |
6.25% 7.975%
|