PROGRAM A0

INCOME PRODUCING REAL ESTATE

INCOME QUALIFYING BUSINESS LOAN
LOAN AMOUNT Minimum: $50,000
Maximum: $500,000
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% Months1-48

 
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
MINIMUM PROPERTY VALUE $100,000 or $15,000 per unit
LIEN POSITION First liens on primary collateral
OCCUPANCY Owner Occupied
Non-Owner Occupied
CASH OUT REFINANCES Maximum cash to borrower is $200,000
MINIMUM DEBT SERVICE COVERAGE RATIO See Program Grid for DSCR by Property Type.  All loans qualified at the program's note rate.
CREDIT QUALITY
Mortgage		 Mortgage must be current.
Mortgage must have been rated for at least twenty four (24) months.
CREDIT QUALITY
Consumer Credit		 Majority of accounts must be paid "AS AGREED".
Minimum FICO score 660
CHARGE OFFS/
COLLECTIONS		 Charge offs are not allowed in the prior twelve (12) month period.
BANKRUPTCIES Bankruptcies are not allowed in the prior five (4) year period.
ELIGIBLE PROPERTY
TYPES		 See attached LTV List
INELIGIBLE PROPERTY
TYPES		 Churches
Salvage Yards
Farmland
Vacant lots
Industrial properties
Manufacturing
Gas Stations
Condo Hotels
Cooperatives
Manufactured Housing
Mobile Homes
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.  All loans will require the payment of an Environmental Processing Fee of $500-$1500
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 $70,000 maximum fee $3,500

PROPERTY TYPES CLTV and DSCR
OWNER OCCUPIED/NON-OWNER OCCUPIED
 Single Family Residence 75/70 1.0
 2-4 unit property 75/70 1.2
 5-9 unit property 75/70 1.2
 10-25 unit property 75/70 1.2
 Mixed Use [1 commerical + 1-4 unit residential] 75/70 1.2
 Mixed use [commercial + residential] 75/70 1.2
 Professional office space 75 1.3
 Retail Store - Strip or Free Standing 70 1.35
 Small Commercial 70 1.35
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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