Stated Income Apartment Loan - Posted by Trevor D. James, Sr.

Posted by Trevor D. James, Sr. on April 30, 2007 at 13:11:47:

Our Stated Income Apartment Loan Program provides competitive apartment financing for borrowers requiring a reduced document or stated income option.

The Stated Income Apartment Loan Program does not require personal or business tax returns, personal financial statements, and has no monthly or annual reporting requirements. Please Note: The subject property must cash flow at a minimum DSCR of 1.20x. Appraisal rents are used to qualify income. Subject property rent roll and income and expense statements are required.

Stated Income Apartment Loan Program Overview:

  • Stated Income Apartment Loans Form $100,000 - $1,000,000
  • 15, 20, 25, 30 Year Amortizations
  • 6 Month, 1, 2, 5, Year Fixed Rates
  • Up to 85% LTV
  • Purchase or Acquisition
  • 5% Prepayment Penalty to 5 Years
  • 20% Annual Principal Reduction With No Prepayment Penalty
  • Appraisal Rents Qualify Income
    Subject Property Rent Roll Required
    Subject Property I/E Required
  • Impounds: Tax and Insurance
  • Standard PI Payment
  • No Personal Tax Returns
  • No Business Tax Returns
  • No Personal Financial Statements
  • No Monthly/Annual Reporting
  • Streamline Loan Process
  • Extremely Fast Closings
  • 575 Minimum Credit Score
  • Subordinate Financing to 90%
  • Weekly, Monthly, Annual Leases OK
  • Section 8 - Subsidized Rents OK -
  • Interest Rate Floor: Initial Start Rate
    Margin: 325 BPS
    6 Month LIBOR
    CAPS: 1/5/6
  • Property management experience not required
  • Minimum seasoning requirements on refinances
  • Available on 5 + unit multifamily properties and mixed-use properties with less than 25% of commercial usage

Eligible Property Types and Description:

Multifamily: Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevator, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence.

Mixed-Use: Mixed-use properties must contain at least one commercial unit (retail, office, etc.) and at least one residential unit. To be considered mixed-use multifamily, the primary use must be residential. If the predominant use is non-residential, rate and term will change, reflecting a commercial designation.

Please contact me for more info.