PROGRAM A2

-- LIMITED INCOME VERIFICATION BUSINESS LOANS
LOAN AMOUNT Minimum: $25,000
Maximum: $750,000
LOAN TERM 5 Years - 25 Years
RATE Fixed Rate
Adjustable Rate
ARM INDEX Prime Rate as published in the eastern edition of the Wall Street Journal
PREPAYMENT PENALTY
 3% for 36 to 48 months depending on property type and credit
PERSONAL GUARANTEES Personal guarantees are required on all loans
MAXIMUM COMBINED LOAN TO VALUE
[See attached grid for maximum CLTV by
individual property types]		 See Program Matrix for LTV by Property Type
For loan amount above $250,000 CLTV is reduced by 5%.
MINIMUM PROPERTY VALUE $75,000 or $12,000 per unit
LIEN POSITION First or  Second
OCCUPANCY Owner Occupied
Non-Owner Occupied
CASH OUT REFINANCES Maximum cash to borrower is $150,000
BORROWER QUALIFICATION Full income verification is not required.
Borrower is required to describe the type of business and provide relevant documentation to prove how income is generated.
CREDIT QUALITY
Mortgage		 Mortgage must be current.
Mortgage must have been rated for at least twenty four (24) months.
Mortgage rating must not have more than one (1) thirty (30) day delinquency in the past twelve (12) months.
CREDIT QUALITY
Consumer Credit		 Accounts must be paid "AS AGREED".
Limited thirty (30) day delinquents allowed with explanation.
CHARGE OFFS/
COLLECTIONS		 Charge offs are not allowed in the prior twelve (12) month period.
Charge offs over $500 are not allowed in the period between months thirteen (13) and twenty four (24).
BANKRUPTCIES Bankruptcies are not allowed in the prior five (5) year period.
FINANCIAL REVIEW Three primary business/trade references may be required.
The existence of the business for at least three years must be documented.
Business tax returns for the past two years are required.
RESTRICTIONS Corporate or business losses cannot exceed 5% of gross sales.
No start-up ventures.
ELIGIBLE PROPERTY
TYPES		 See attached LTV List
INELIGIBLE PROPERTY
TYPES		 Churches
Salvage Yards
Farmland
Vacant lots
Industrial properties
Manufacturing
Gas Stations
Condo Hotels
Cooperatives
Dry Cleaners
Mobile Homes/Manufactured Housing
Rural properties in areas under 25% built up
APPRAISAL An APEX obtained appraisal is required on all properties.
ENVIRONMENTAL All loans must have an environmental questionnaire completed.  Loans in excess of  $100,000 and secured by other than a mixed use property containing 4 or less total units, or by targeted property types, will require Environmental Insurance.
AGE OF DOCUMENTATION Credit documents cannot be more than 90 days old.
Appraisals must be less than 60 days old.
LEGAL REQUIREMENTS Mortgages [required on all real estate collateral]
Assignment of rents/leases/profits
Recorded UCC-1financing statements
Affidavit of business use of proceeds
Personal Guarantee
Cross collateral/cross default (as needed)
Late charges on note [as per state requirement]
Partnership Agreements or articles of incorporation and corporate resolutions (as applicable)
Title insurance policies
Flood insurance policies [if applicable].
Evidence of standard form fire and extended coverage perils insurance.
Consent required by lender for permitting subordinate financing.
Due on sale clauses.
RESPA disclosures (if applicable).
Seller financing permitted up to a CLTV of 80%

Broker Affidavits acknowledging satisfaction of fees and demonstration of signed Broker
Agreements. The maximum broker fee cannot exceed 5%, loans under $70000 maximum fee
$3500

PROPERTY TYPES CLTV
OWNER OCCUPIED/NON-OWNER OCCUPIED
 Single Family Residence 70/65
 2-4 unit property 70/65
 5-9 unit property 70/65
 10-25 unit property 65/65
 Mixed Use [1 commerical + 1-4 unit residential] 70/65
 Mixed use [commercial + residential] 70/65
 Professional office space 65/60
 Retail Store - Strip or Free Standing 60
 Bar with Apartments 65 + 125 BPS
 Restaurant 50 + 150 BPS ($250K max. loan)
 Office/ Warehouse 55 + 65 BPS
 Recreational Properties 50
 Motel/Hotel 60 + 50 BPS
 Auto Repair / Auto Body *(See Environmental) 55 + 75 BPS
 Mobile Home Park 60
 Small Commercial 60
 Garage/Storage 50 + 150 BPS + Primary Residence
UNDERWRITING DOCUMENTATION REQUIRED
-- 1) Summary Sheet
2) COMPLETED 1003 Application
3) Credit Report
4) Mortgage Broker Agreement
Additional documentation may be submitted with original package to assist in underwriting. 
Please indicate all documentation enclosed on summary sheet

APEX Mortgage Corp.
185 Commerce Drive, Unit 102 / Fort Washington, PA 19034
1-800-262-APEX | 215-283-8880 | Fax: 215-283-8885 | Contact Us
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