In one of the surest signs that the money is flowing back into commercial lending, stated income loans are once again available! This source came to the game late in 2008 with a stated product and, when Lehman went down, they pulled the plug quick. So they did not have a lot of exposure - they did not get hurt in the commercial collapse. Over the last couple of years they have been building up reserves and, waiting for the ideal time - and now they are ready to deploy.
The key points of this program are as follows:
- Loan amounts are from $100,000 to $2,000,000
- Can be used for owner occupied AND investor
- Must be either self-employed or a RE investor
- 650 minimum credit score
- No tax returns required
- Up to 75% LTV on Multi-family and mixed use-and that is for CASH-OUT ALSO!!!
- Up to 70% LTV on office, retail, mobile home parks, self-storage, auto services, etc.
They treat purchase, rate and term refinance and, cash-out refinance the same! So you can go cash out on a stated income product to 70% on most properties and 75% on mixed use or apartments-this is HUGE. This loan can help a lot of people get financing that otherwise may not be able to get it. This can be a huge boon to you and, your clients. Rates start at 8.75% and are based on risk-lower LTV's and Higher scores get the better rates. You can go 3, 5, or 7 year fixed and, the amortizations on ALL products is 30 years which keeps the payments affordable even with the higher rates. It is an awesome product!