Alt-A (Stated Income)

Apply Online: Alt-A.pdf

For commercial properties occupied over 25% by an established operating company.

The borrower does not provide tax returns or financial statements. This program is designed for speed and is predicated on the following criteria:

• Borrower in business for a minimum of 2 years.
• Borrower occupies greater than 25% of subject property.
• Borrower completes our 5-page application.
• Minimum FICO scores of at least 660 for refinances and 650 for purchases with 65% LTV or lower.
• Appraisal must support a 1:1 DSCR based on property net operating income.
• Combined DSCR or property and individuals must be at least 1.5x.

Highlights:

• Maximum 1st Mortgage loan amount $1,000,000-$2,000,000
• Purchases to 90% LTV
• Refinance to 70% LTV
• Cash Out to 65% LTV
• Combined LTVs to 90%
• Fixed, Hybrid, and ARM rate options
• Fully Amortizing 30-year term
• No call provisions or balloon payments
• 8 prepayment penalty options
• Ability to prepay up to 20% of principal within any rolling 12-month period without prepayment premium

*All loans co-originated with Magic Financial Services, Inc. are non-recourse to the originating lender.  Eligible commercial property types for this program are more limited.