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Stated Income / Stated AssetClick here for current rate sheet Loan Amount: $75,000 - $3,000,000 Use of Funds: Purchases, Refinances: Rate & Term / Unlimited Cash-Out LTV: 85% Multi-family and Mixed-Use, and 80% Retail, Office and Light Industrial CLTV: Subordinate Debt Allowed Term: 2, 3, 5, 7, 10, 15 and 30 Year Fixed (Loan turns into Adjustable Rate Loan after Fixed Period) Amortization: All Loans are 30 Year Fully Amortizing Maturity: Thirty (30) Years Adjustment Period: Every Six Months after the Initial Fixed Period Adjustable Rate Index: Six Month LIBOR Adjustable Margin: Three Percent (3%) for All Property Types Maximum Adjustable Rate: Six Percent (6%) over Starting Interest Rate Credit: Minimum middle credit score of 600 and higher, depending on property and program Exceptions: Often Granted Balloons: None, unless priced Closing: 4 - 6 weeks is typical once application is submitted, and a GFD (Good Faith Deposit) appraisal fee and complete loan file is received Assumable: Yes, all loans are assumable throughout the lifetime of the loan upon North Penn Financial's approval of the assignee Property Condition: Properties must be Class “A” to Class “C” (minor deferred maintenance considered on a case-by-case basis) Acceptable Property Types: Multi-family (5+ Units), Mixed-Use, Automotive, Bed and Breakfast, Light Industrial, Mobile Home Parks, Motel/Hotel, Restaurants/Bar, Retail, Office, Self-Storage, Warehouse and Special Properties (Call us if your property is not listed) Ineligible Property Types: Several properties are not eligible for this loan which include, but aren't limited to: Adult Entertainment, Agricultural, Assisted Care, Campgrounds, Car Washes, Church/Religious, Day Care, Funeral Homes, Heavy Industrial, Hospitals, Marinas, Nursing Homes, Stand-Alone Restaurants, Business Loans, Construction Loans, Non-Profit Organizations, Raw/Vacant Land, Rehab Loans, and Properties with underground storage tanks (UST's) Risk Based Pricing: All loans are subject to adjustments for property condition and age, historical stability, multi-layered borrowing structures, credit, etc. Code Violations: Health and safety violations are required to be cured prior to funding Other Details: No Lock-out Periods. Pre-payment penalties may apply. All loans are first mortgages and full recourse with standard carve-outs Each commercial property and borrower is unique; therefore, many different possibilities are available. CALL FOR DETAILS
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