| Purpose for No Doc Investor Mortgage Loans | Purchase/Cash-Out/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, Mobile Home Park |
| 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 |
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
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