Apartment Building & Commercial Property Stated Income Loan Program
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Published: Tuesday, January 15, 2008
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. The subject property must cash flow at a minimum DSCR of 1.20% or may be lower case by case. Appraisal rents are used to qualify income. Subject property rent roll and income and expense statements are required.
- No personal or business income tax returns required
- No personal financial statements required - No monthly/annual reporting required
- No balloon or call provisions - Up to five year fixed rates
- Up to 65% financing for good credit borrowers - Good property condition required
- Minimal fee structure with no lender point options
- Up to a combined loan to value (CLTV) to 95% with an outside mezzanine second loan
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.
Contact Greatland Financial to get pre-approved today!
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