Light Doc
More Resources. More Possibilities.
City Commercial Mortgage Light Doc Guidelines
| Program Overview: | |
|---|---|
| Loan Amounts: | $100,000 to $5,000,000 |
| Property Types: | Multi-Family, Mixed-Use, Retail, Office, Auto Repair, Day Care, Restaurants, Funeral Homes, Beauty Shops, Motels/Hotels, Warehouse, Mobile Home Parks, Campgrounds, Churches, Self-Storage, Dry Cleaner (Drop off only), Recreational properties, Auto Repair, Marinas |
| LTV: | Maximum LTV is 70% |
| Credit Scores: | 600 Minimum FICO Scores. Any scores below 600 require a reason to request an exception. |
| Closings: | Three to Four Weeks |
| Rates: | Fixed Rates ranging from 6.5% to 9.5 % |
| Prepay: | Declining 5%-4%-3%-2%-1% Prepay Penalty 0r 3%-2%-1% equal to fixed period |
- 1003 Commercial Loan Application
- Credit Report with Scores and Trade Lines
- Digital Pictures of the Property (if available)
- Rent Roll (if applicable)
- Income and Expense Statement on the Subject Property (if applicable)