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  COMMERCIAL LENDING PRODUCT TERMS For Small-Balance Commercial Mortgages Loan size $100K - $2.5MM (Full Doc program) $100K - $1MM (Stated Income/Stated Assets program) Credit Credit scores of 680+, but can go as low as 580 (Full Doc program) Credit scores of 700+, but can go as low as 560 (Stated Income/Stated Assets program) No bankruptcies within the last 7 years Loan-To-Value Loan amounts up to 97% of property value Loan purpose Rate/term refinance, cash-out refinance, or purchase. Occupancy Both owner occupied and/or investor properties are acceptable. Loan types 6-month adjustable; 2yr, 3yr, and 7yr fixed, then adjustable; and a Declining Fixed Rate program (this program has a feature that allows for the start rate to decrease 0.5% every 5 year interval with good re-payment history). Terms 15, 20, and 30 year fully amortizing loans are available and interest only programs are available. Subordinate financing Seller seconds up to 20% of property value. Combined LTV's: Tier I 95% LTV, Tier II 90% LTV, Tier III 90% LTV, Tier IV 85% LTV. Subordinate Financing not available on the Interest-Only Program. We allow for up to 3% seller concession towards closing costs. Rate Pricing based on property type, loan-to-value, borrower credit score, and amortization period. Rate locks Rate locks are automatic on the 6-month adjustable, 2yr and 3yr fixed programs. *Rates for our 7yr ARM and Declining Fixed program float until closing. Prepayment fees Varies based on loan type. Typically, we have a 5% for 5 years pre-payment penalty. There are multiple options available to reduce/limit the pre-payment penalties. Closing costs $500-$2000 lender/processing fee. All third party costs including appraisal, broker, title, environmental insurance and survey (if required) are paid by borrower. $250 fee paid at closing if borrower declines automatic payment. Guarantee Personal guarantees are mandatory for all eligible borrowers including individuals, corporations, partnerships, LP's, LLC's, and certain trusts (any members of a corporation with 10% or more of an interest will need to provide personal guarantees). Escrows *Tax escrows are required. Insurance escrows may be required. Timing 48-72 hour pre-approvals; 30-45 day closings.Other Attributes No yield maintenance, mandatory lockouts, loan committees and loan to one borrower limits.
Stephen Gallo, Director of Sales & Marketing Parallel Mortgage Corp. - 555 Route 18 South – East Brunswick NJ, 08816 Office Phone: (732) 238-1100 Cell: (732) 501-3797 Fax: (732) 348-9513 Email: sgallo@parallelmtg.com Licensed Mortgage Broker N.J. Dept. of Banking & Insurance.  |