Stated Income Commercial Real Estate Loans

Yes, they're back. We never thought we'd ever see them again!

Here's the program:

Stated Commercial Real Estate Loan Program
For Multifamily, Mixed Use, Office, Retail. Motels, Mobile Home Parks, Warehouse/Light Industrial, Garage/Auto Repair, Churches/Non-Profits
- Purchase, Refinance and Refinance with Cash Out
- LTV up to 75%
- Fixed and Adjustable rates
- Interest Rate starting at 8.50% - Cash out starting at 9.75%
- Amortization is 30 years
- Prepayment – 5% for the term of the loan
- Lender points – 1 to 3 pts
- Credit Score for loans >$500,000 (650) for loans <$500,000 (600)
- Approval 48 hours – 72 hours for LOI – close in 2 weeks after acceptance of LOI
- This program is not offered in the following states – AZ, HI, MI, NV,
- Min Loan Amount $50,000 Maximum Loan Amount $3,000,000 (Max Loan amount of $500,000 for Motels/Mobile Home Parks/Churches)
- Min Loan Amount $100,000 in the following states – AL, AK, OH, VT, WV

Credit Package Needed for Stated Commercial:
 1003 Application
 Credit Report/Authorization
 Income & Expense
 Rent Roll
 2 years Tax Returns
 Loan Summary
 Pictures of property
 

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