COMMERCIAL HIGHLIGHTS
1) The parameters such as LTV, commercial classification, and credit will determine the rate as in each of the programs I will be listing
2) Investor or Owner occupied programs
3) MAXIMUM LTV CAN GO AS HIGH AS 90 LTV DEPENDENT UPON PROGRAM CHOSEN (FULL Doc, Stated..), CREDIT, TYPE OF BUSINESS
4) With amortized periods up to 30 years.
5) Fixed and variable rates. Fixed rate can begin at 6 percent and Adjustable 5.5%
6) Small cap program $100,000 to 6 Million, mid cap program from 6 million to 15 million, large cap programs from 15 million to over 200 Million
7) Our programs cover all types of businesses and multifamily buildings. Each will require certain docs to support the project.
I.) COMMERCIAL PURCHASES AND REFINANCING
a) STATED PROGRAM: You state income and assets and there is no verification of either. Rates are more competitive then the Stated/Stated
Note:
1) We have a stated express program whereby there is no verification of the borrower's Income or assets, only a review of the business tax returns.
2) We have Alta A (Stated Income) for Owner Occupied. No personal tax returns or F/S, review only the DSCR coverage of the appraisal report.
b) STATED/STATED: You state income and assets and there is no verification of either. No Doc required except for an MAI Appraisal report.
b) Full Doc:
Two Types of Full Doc: requires two years of business tax returns and personal
1) DSCR: Debt Service Coverage Ratio by using two years of the most current business tax returns to ensure the income can pay off the monthly amortization
2) DTI : Debt to Total Income: In lieu of the business tax returns, can use the borrower’s income to justify the business debt or the combination of the two.
Note: We have a stated express program whereby there is no verification of the borrower’s Income or assets, only a review of the business tax returns.
Note: We have Alta A ( Stated Income ) for Owner Occupied. No personal tax returns or F/S, review only the DSCR coverage of the appraisal report.
II) OFFICE BUILDINGS (TENANT OCCUPANCY OR OWNER OCCUPANCY)
We also do commercial tenant occupied and non occupied buildings for either a purchase or construction. Single tenant occupancy or multi tenant occupancy based on Tenant(s) DSCR or Owner DSCR. 2 yr. tax return needed for owner and 3 years for tenant(s).
>> Tax returns needed
>> If construction>> Need project summary (including issues with permit and regulatory issues), line item cost, revenue projection, contract or title to property, schedule of time frame from beginning to end
III) COMMERCIAL SPACE CONSTRUCTION ( RETAIL, WAREHOUSE, MULTI FAMILY CONSTRUCTION )
>>>> SAME AS ABOVE
Note: All construction projects listed above.
1) We provide 80-90% of acquisition of property and 100% of construction funds.
2) Construction period can be maximized up to 18-24 months before turning into a permanent construction loan.
3) We have either fixed rate or floating rate during the construction or permanent period.
IV) SYNTHETIC LEASE /SALES-LEASEBACKS
We provide Synthetic leases or Lease-Sale backs too. 100% of the property value.
V) Eagle Nationwide Mortgage offers through its commercial lender conduits ( Hard Money and Equity partnerships/Joint ventures )
VI) Small Commercial program up to 1 million: We have just introduce this October 2006, an out of the box program for fast small commercial transactions that are priced as Full Doc programs but are stated deals. Here are some of the highlights for this specific small commercial program:
1) No fee for underwriting; processing; or application
2) We fund for deals that are typically denied by federal charted banks ( auto repair, motel, restuarant, rooming house, funeral home, dry cleaners, Assisted Living Facility, restaurant....etc)
3) multi family and mix use up to 85% LTV ( min fico 680, 80 LTV fico 640); seller concession allowed up to 90% CLTV; loan is based on comparable sales value and less on income approach.
4) Allow refinance on a recent deed transfer; allow gift of equity; escrow letter for dwon payment verification; sellers concession for closing cost up to 6%.
5) We can finance borrower's that have been turned down by banks due to insufficnet credit. 575 minimum score on most properties.
6) Commercial-NO Income-No Asset Verification up to 90% combined LTV on all properties.
7) Auto Repair Mortgages: Stated up to 80% LTV ( min credit score 680). NO asset or Income verification. Loans typically close without Phase 1 Environmental inspections.
8) Properties are : Auto repair, restuarant, unbranded motel, funeral home, assisted living facility, rooming house, B & B, Car wash, light Industrial, laundromat, dry cleaner.
VII) NEW>>>>>Commercial Equity Lines of Credit: First ever line of credit for business purposes is based on your appraisal of your commercial property not your Business Income Statement or Balance sheet. We use your personal and or business tax returns to qualify the loan amount to ensure the ability to pay back such a debt. No more Dunn and Bradstreet credit review, we use the flexibility of your personal credit report. No more long delays, excessive scrutiny of your business returns and ratio calculations. Loan amounts up to 90% LTV of the appraisal.
VIII) NEW>>>>> Business Line of Credit: First ever flexible business line of credit for those business owners that have non traditional sources of qualifying the debt service. Program is good for those businesses that have cashflow problems, limited operation exposure, or poor business credit report. Also available for those businesses able to use their business income to qualify but have other adverse factors denying them lines of equity bank financing through their local bank. The program uses the security of other assets such as your primary; second home or Investment properties can be titled in your company name Loan amount available to $ 750,000 with credit score of 750. No Income verification with credit score of $ 680+ with reduced lines of credit. Personal income can be used to qualify the debt service for those with credit score of less than 680. No need of using your Dunn & Bradstreet credit report. Business line can be tied into a term loan to increase the amount of loan capacity. Requires title insurance with loan size over $ 500,000. Minimum loan cost.
NON RECOURSE LOANS: Eagle offers this loan type for multi unit properties that have a propensitiy of producing large capital revenue or sustainable revenue capitalization. Properties usually considered are Multi Family buidlings and commercial properties that have multiple units incorporated into the facility ( Retail center...)
