Our Urban development program uses a “No Doc loan” system for single family residential (SFR), Investor 1-4, Multi-Family 5+, Mix-Use and commercial properties.
System breakdown:
FICO Minimum of 650 credit score
Loan amounts $75K – $5M. 1 -unit max loan amount = $1.5M | 2-4-unit max = $2M. Minimum loan amount for Multi-Family, Mixed-Use and Commercial is $100K.
Terms 3-year-fixed or 30-year-fixed loan, each amortized over 30 years.
LTV for commercial purchase 70%
LTV for commercial refi 65%
LTV for Residential purchase and refi 75%
Location – Property must be within 25 miles of a major city of 100k residents or more or have a minimum of 25,000 residents to qualify.
No Income Verification
No Asset Verification
No Tax Verification
No Rental Income Verification for SFR Only
Commercial Real Estate – must have a minimum of 70% occupancy.
Closings
30 – 45 days (depending on appraisal times)
We also have an awesome blanket loan option for residential properties no matter the number if all the homes reside in the same state. Our funding can be especially useful for investors to pull out cash for other investments or down payments on commercial real estate that once they purchase, We can come along and finance that entire property with No Docs as well. Our process has created more real estate opportunities to happen than any bank has at this time especially during CO-VID19.
SFR rental refi and purchases interest rate ranges:
3yr fixed (7.24% – 9.24%) 30yr fixed (6.74% – 8.74%)
Any prepayment penalty?
Yes – 5-year declining prepays: 5%, 4%, 3%, 2%, 1%. | Max 7-year penalty; reduce rate by .25% for each additional year. We also have a prepayment buydown as well.
Reduce 1 year by adding .25% to rate or 1% fee. | Min 1-year penalty. I also have rate buydown 1-point fee = .25% rate reduction. (Maximum rate reduction is .50%.) | Minimum Rate 5.24%
Other Lender Fees?
No – The appraisal fee is $600 per SFR, $800 for everything else with the exception of commercial property which is a $2K deposit (any difference will be refunded but in case it goes over the lender assume the cost) and typical closing costs.
Qualification and approval process?
650 minimum credit score – no debt service coverage ratio needed to be provided for SFR only & loan amount must be within 500K – property must be within 25 miles of a major city of 100k residents or more or have a minimum of 25,000 residents to qualify – with all documentation collected and appraisal being done in a timely manner = closings within 30 – 45 days typically). We do not season any funds at all for closings (Sourced Only)
Questions about this loan product, please don’t hesitate to reach out to us.
Always at your service,
Community Progressive Development, Inc.
