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The stated income/stated asset loan is ideally suited for self-employed business owners, investors and entrepreneurs who do not have verifiable income or assets or otherwise want the convenience of a low documentation transaction. Vacant buildings are Okay!
Loan Amount: $100,000 to $5 million.
Use of Funds: Purchases, Refinances: Rate & Term or Cash Out.
LTV / CLTV: Up to 80% LTV and 90% CLTV (with seller financing) for apartment buildings and mixed-use and up to 75% / 90% for other properties.
Term: 15, 20 or 30 years.
Credit: Minimum of 575.
Pre-approval: Approximately 1 week with completed application.
Closing: Approximately 6 weeks after application submittal.
Eligible Property Types: Vacant buildings, Multi-family, Mixed-Use, Automotive, Bed & Breakfast, Campground, Car Wash, Day Care, Funeral Home, Light Industrial, Marina, Mobile Home Park, Motel/Hotel, Offices, Restaurant/Bar, Retail, Rooming House, Self Storage, Warehouse. (Call us if your property is not listed.)
Ineligible Property Types: Adult Entertainment, Agricultural Properties, Business Loans, Construction Loans, Most Churches/Religious buildings, Nursing Homes, Rehab Loans, Vacant land.
Other Details: Pre-payment penalties and lockouts apply. Loans are first mortgages and full recourse.
