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| -- | Commercial Loans | ||||||||||||||||||||||||||||||||
| LOAN AMOUNT | Minimum:
$25,000 Maximum: $400,000 |
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| LOAN TERM | Maximum term 15 Years | ||||||||||||||||||||||||||||||||
| RATE | Fixed Rate | ||||||||||||||||||||||||||||||||
| PREPAYMENT PENALTY |
3% for 36 -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] |
65% | ||||||||||||||||||||||||||||||||
| MINIMUM PROPERTY VALUE | $50,000 | ||||||||||||||||||||||||||||||||
| LIEN POSITION | First liens on primary collateral | ||||||||||||||||||||||||||||||||
| OCCUPANCY | Owner
Occupied Non-Owner Occupied - case by case basis |
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| CREDIT QUALITY Mortgage |
Mortgage
must be rated at least 24 months. Mortgage rate sporadic thirty (30), sixty (60), ninety (90) day case by case. |
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| CREDIT QUALITY Consumer Credit |
Case by case. Written credit explanation required at time of application. | ||||||||||||||||||||||||||||||||
| CHARGE OFFS/ COLLECTIONS |
Charge
off are allowed in the prior twelve (12) months period. |
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| BANKRUPTCIES | All bankruptcies must be discharged. | ||||||||||||||||||||||||||||||||
| ELIGIBLE PROPERTY TYPES |
See attached LTV list. All properties subject to APEX review | ||||||||||||||||||||||||||||||||
| INELIGIBLE PROPERTY TYPES |
Churches Salvage Yards Farmland Vacant lots Restaurants (Free Standing) Manufacturing Condo Hotels Cooperatives Dry Cleaners Mobile Homes/ Manufactured Housing Rural properties in areas under 25% built up |
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| APPRAISAL | An APEX obtained appraisal is required on all properties. | ||||||||||||||||||||||||||||||||
| ENVIRONMENTAL | All loans must have an Environmental Questionnaire completed. All loans will require Environmental Insurance. | ||||||||||||||||||||||||||||||||
| AGE OF DOCUMENTATION | Credit
documents cannot be more than 90 days old. Appraisals must be less than 60 days old. |
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| LEGAL REQUIREMENTS | Mortgages
[required on all real estate collateral] Assignment of rents/leases/profits Recorded UCC-1 financing statements Recorded Security Agreements 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 CLTV OF 80%. Broker Affidavits acknowledging satisfaction of fees and demonstration of
signed Broker |
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| UNDERWRITING DOCUMENTATION REQUIRED | |||||||||||||||||||||||||||||||||
| -- | 1)
Summary Sheet 2) COMPLETED 1003 Application 3) Credit Report 4) Mortgage Broker Agreement |
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| Additional documentation may be submitted with original package to assist in
underwriting. Please indicate all documentation enclosed on summary sheet |
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