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Velocity Mortgage Capital

Long Term Commercial Loan
Fast50 Loan - LG314

Velocity Mortgage Capital

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

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).

These descriptions are limited information and meant for general reference purposes.