Long Term Commercial Loan
Fast50 Loan - LG314
Fast50 Loan - LG314
Summary of all Guidelines | |
| Loan Types | Commercial Loan |
| Property Types | 2-4 Units, Automotive, Condo, Mixed use, Multi Family, Office, Retail, Self-Storage, SFR, Warehouse |
| Lendding Area | NATIONWIDE |
| Loan amount Minimum | $75,000 |
| Loan amount Maximum | $5,000,000 |
| Interest Rate Minimum | 9% |
| Interest Rate Maximum | 12.25% |
| Points Minimum 1st TD | 2 |
| Points Maximum 1st TD | 5 |
| Terms | 30 year |
| Credit Score Min | 650 |
| Interest Only or Amortized | Amortized and Interest Only Options available |
| Lien Position | 1st |
| Max Points Charge by Broker | 5 |
| Prepayment Penalty | 5,4,3,2,1 |
| Intended Occupancy | Tenant |
| Fixed or Adjustable | Fixed |
| General Pricing or Guideline info | Loan Programs Options Fixed Full Amortization Fixed Interest Only Add .25 to above rates. Term 30 years | Shorter terms available. 5 years I/O Amortization 30 years. 25 years following initial I/O period. Loan Amounts $75K - $5MM. Prepayment Penalty 5-year declining prepay: 5%, 4%, 3%, 2%, 1%. Prepay Buydown Reduce 1 year by adding .375% fee. Min 1-year penalty. No Prepay States 1-6 units in NJ (title held as an individual) and 1-4 units in NM = no prepay, add 1% to rate or 1% in fee. Rate Buydown 1-point fee = .375% rate reduction. | Minimum Rate 8.99%. Investor 1-4 Guidelines Loan Amounts $2MM max. Experience First time buyers are ineligible for investment 1-unit properties. General Guidelines Lending Locations nationwide. (For ineligible locations, contact your Account Executive for details.) Refinance Transactions Add .50% to the rates shown above for all refinance transactions. Rebates 1-point rebate = .50% add-on to rate. | Max rebate 1%. Broker Compensation Maximum is 5% of the loan amount, including broker fees. Bankruptcy/NOD Discharge 1 day. Mortgage Lates OK. Title Seasoning 1 day. Income Verification Simple documentation. Appraisal Process and Fee Contact your Account Executive to learn about our streamlined process and cost. Impounds Required for property taxes and insurance. Foreign Investors OK. Credit Score 650 minimum (mid FICO). |
| Updated as of | 2023-11-10 |
| Program Code | LG314 |
Loans Programs
Options Fixed Full Amortization Fixed Interest Only Add .25 to above rates.
Term 30 years | Shorter terms available. 5 years I/O
Amortization 30 years. 25 years following initial I/O period.
Loans Amounts $75K - $5MM.
Prepayment Penalty 5-year declining prepay: 5%, 4%, 3%, 2%, 1%.
Prepay Buydown Reduce 1 year by adding .375% fee. Min 1-year penalty.
No Prepay States 1-6 units in NJ (title held as an individual) and 1-4 units in NM = no prepay, add 1% to rate or 1% in fee.
Rate Buydown 1-point fee = .375% rate reduction. | Minimum Rate 8.99%.
Investor 1-4 Guidelines
Loans Amounts $2MM max.
Experience First time buyers are ineligible for investment 1-unit properties.
General Guidelines
Lending Locations nationwide. (For ineligible locations, contact your Account Executive for details.)
Refinance Transactions Add .50% to the rates shown above for all refinance transactions.
Rebates 1-point rebate = .50% add-on to rate. | Max rebate 1%.
Broker Compensation Maximum is 5% of the loan amount, including broker fees.
Bankruptcy/NOD Discharge 1 day.
Mortgage Lates OK.
Title Seasoning 1 day.
Income Verification Simple documentation.
Appraisal Process and Fee Contact your Account Executive to learn about our streamlined process and cost.
Impounds Required for property taxes and insurance.
Foreign Investors OK.
Credit Score 650 minimum (mid FICO).
