| Connecticut No Doc Commercial Loans | Purchase/Cash-Out/as well as Refinance |
| Loan Sizes | $100K – $2MM |
| Terms | 5-Year ARM 30-Year Fixed |
| Amortization | 15,25,30 |
| Max LTV | 75% |
| Min FICO | 700 |
| Min DSCR | 1.0x |
| Underwriting Method | Alternative data used as well as a credit report |
| Documentation | No tax returns, or bank statements, or operating statements required* |
| Eligible Properties | Tier I: Multifamily, Mixed-Use (primary res) Tier II: Retail, Mixed-Use (primary comm), Warehouse/Self-Storage, Office, Light Industrial, Automotive, as well as Mobile Home Parks |
| Pre-Payment Penalty | 5% for 5 years | 5% for 3 years | Declining 5%, 4%, 3%, 2%, 1% |
* Borrowers will be required to submit a purchase contract for transactions involving a real estate acquisition. Note that appraisal companies may require property documentation to assess final value.
GENERAL GUIDELINES & POINTS OF EMPHASIS
| Rate Buy Downs | 0.375% = 1 point cost |
| Caps/Floors | WSJ Prime Index plus margin on note date Initial Reset and Annual Adjustment Cap: 2% Life Cap: Initial rate +6% Life Floor: Initial rate |
The Connecticut No Doc Commercial Mortgage is great for Real Estate Investors. This program allows borrowers to finance properties that can show positive cash flow. Furthermore, the rate are very competitive. Finally, because we specialize in this sort of financing – we are able to get your loan closed quickly.
We look forward to assisting you with you upcoming No Doc Investor Mortgage. Call us today for a free consultation or click here to get pre-approved.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572