No Doc Financing
Our No Doc Loan Program does not require tax returns or detailed financials. This is a streamlined underwriting process primarily based on the value of the subject property.
Loan Terms
Loan Amount:
$500,000 - $5,000,000
Loan Term:
3, 5, or 10 Year Balloon; 25, or 30 Year fully amortizing; Interest only available
Amortization:
25 or 30 Years, based on property condition
Loan to Value:
Multifamily: Maximum 80% of appraised value, or if property has been purchased within the past 12 months, 80% of lower of: a) purchase price, plus value added renovation, plus 3% closing costs, or b) appraisal; Commercial Properties Max LTV typically 65% - 75%
Interest Rate:
Risk-based “Tier” pricing, varying with LTV and DSC ratios
Prepayment Terms:
3, 5, or 7 year step-down prepayment schedules
Third Party Reports:
MAI Appraisal, Physical Needs Assessment. Environmental Phase I Assessment may be required
Reserves:
Tax and insurance escrows are required; Funded Repair and Replacement escrow is required, based on engineer’s Physical Needs Assessment; For loans of less than 65% of value with no deferred maintenance, funding of repair and replacement reserve can be waived at lender’s discretion
Application Fee:
$3,000 - $11,000; Covers 3rd Party reports and processing/underwriting costs
Legal Fees:
$1,000 to $5,000 varying with characteristics of the deal