Stated Income and No Documentation Commercial and Apartment Loans

We have numerous Stated and No-Doc programs from a multitude of lenders for every region in the U.S. for both Apartment and Commercial transactions. Many of these are region specific, a few are available almost nationwide. Choose from fixed, adjustable or interim fixed rate loans. Please call, email or complete the on-line application for more information.

Special No-Doc Loans for California

Interest Only available with 0.125% add to rate. Prepayment Penalty of 1.25% for 3 years on 3 year fixed or 2%, 2%, 2%, 1%, 1% on 5 year fixed.

No Documentation of Income, No Documentation of Assets. True Easy Qualifier Apartment and Commercial Loan Programs!

Loan pricing is similar to "A" quality, full doc programs. Zero Point options available.

PROGRAM DETAILS - PORTFOLIO NO DOC - EASY QUALIFIER APARTMENT AND COMMERCIAL LOANS

These loan programs do not require disclosure of income, employment, or assets. Terms are available in 10, 15, 20 year fixed rate and 30/10 balloon mortgages as well as several adjustable rate programs with amortization periods up to 30 years.

GEOGRAPHIC AVAILABILITY - Both apartment and commercial loans are available in the following markets:

• California: Major Northern and Southern California Metro Areas - Alameda, Contra Costa, Los Angeles, Marin, Orange, San Diego, San Francisco, San Mateo and Santa Clara Counties

• Connecticut: Fairfield County

• Florida: Broward, Dade, Palm Beach Counties

• Illinois: Chicago Metro Area - Cook, Kane, DuPage, Lake, McHenry, and Will Counties

• Maryland: Montgomery and Prince George Counties

• Massachusetts: Boston Metro Area, Bristol, Essex, Middlesex, Norfolk, Plymouth, and Suffolk Counties and City of Worcester

• New Jersey: Bergen, Burlington, Camden, Essex, Gloucester, Hudson, Middlesex, Morris, Passaic, and Union Counties

• New York: NY Metro Area, The Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland, Suffolk, and Westchester Counties

• Pennsylvania: Philadelphia Metro Area, Buck, Chester, Delaware, Montgomery, and Philadelphia Counties

• Rhode Island: Providence County

• Virginia: Arlington and Fairfax Counties, Alexandria City

• Washington DC: Major Metropolitan Area

Numerous other No-Doc programs available for other geographical areas. See also: Main Commercial & Apartment Loan Page for many more apartment and commercial loan programs.

ELIGIBLE PROPERTY TYPES - Most program allow Multifamily Apartments greater than 4 units, Mixed Use, Retail, Office, Light Industrial or Warehouse. 30/10 balloon loans allow Multifamily greater than 4 units, and Mixed Use Residential only. Other Commercial properties may be considered on a case by case basis.

PREPAYMENT PENALTY - Prepayment penalty will be 5% in year 1, decreasing 1% each year until the fifth year. No prepayment penalty is required after the fifth year.

PROPERTY TAX/INSURANCE IMPOUNDS - Required.

ENVIRONMENTAL INSURANCE - Environmental insurance is required if:

• The loan amount is over $500,000.

• Subject property has ten or more residential units.

• Subject property is strictly non-residential

• Current or previous use raises environmental concerns, such as dry cleaning plants or auto repair shops.

• Subject property is in close proximity to a questionable environmental concern.

NON-NATURAL ENTITIES - Corporation, Trusts, Partnerships are allowed, however tiering and credit scores will be based on the individual determined to be the primary borrower. The primary borrower is defined as the individual holding majority ownership In cases where several individuals hold equal majority ownership positions, tiering and credit scores will be based on all of these individuals.

LOAN TO VALUE - Generally limited to 75% for Purchases and Refinances on all property types.

SUBORDINATE FINANCING - Generally allowed on purchase transactions. Combined Loan to Value is limited to 80% for Apartments and Mixed-Use properties and 75% for Commercial property types. Allowed LTVs and CLTVs, as well as program pricing is subject to credit levels, property condition, etc.

CREDIT SCORING REQUIREMENT - The tri-merge credit report typically provides credit scores from TRW, TransUnion, or Equifax. If a two source report is used, the lower credit score must be selected; if a three source report is used, the middle credit score must be selected. Borrowers must have at least 3 trade-lines, each with a 24 month history to be eligible for Credit Level 1 or 2.
Minimum Credit Scores:

• 700 - Credit Level 1

• 660 - Credit Level 2

• 620 - Credit Level 3

The following derogatory credit items, however, are subject to individual evaluation, regardless of credit score:

1.  Housing History

2.  Bankruptcy

3.  Foreclosure

4.  Collections

5.  Judgments

6.  Liens

7.  Charge-offs

PROPERTY VALUE DETERMINATION - Current appraised value is used to establish value. However, loan amount will be based upon the lesser of either the current appraised value or sales price if purchase transaction or if the property has been owned less than 24 months on a refinance.

LEASE GUIDELINES - All commercial leases are required for review and analysis. Controlled, stabilized and other registered rents must be reviewed and analyzed when applicable.

APPRAISAL - Valid for a maximum of 12 months. If more than 120 days have elapsed between date of appraisal and loan recording, an update of value by the appraiser is required. Mortgage Resources requires one full appraisal, ordered by the company and an internal review.

ELIGIBLE PROPERTY TYPES - Most program allow Multifamily Apartments greater than 4 units, Mixed Use, Retail, Office, Light Industrial or Warehouse. 30/10 balloon loans allow Multifamily greater than 4 units, and Mixed Use Residential only. Other Commercial properties may be considered on a case by case basis.

COMMERCIAL TIER PRICING SYSTEM - Pricing is based primarily on credit score. However, pricing may be adjusted based on other factors such as LTV, Debt Service Coverage Ratios, property type and condition.

CASH RESERVE - Need not be disclosed.

QUALIFYING RATIOS - Not applicable.

DEBT SERVICE COVERAGE RATIO GUIDELINES (DSCR) - DSCR (NOI/PI) should not be less than 1.2 for loans to $1,000,000 and 1.3 for loans exceeding $1,000,000.

On-Line Apartment or Commercial Application

See Also: Main Commercial & Apartment Loan Page for many more apartment and commercial loan programs.

Mortgage Resources

Rick Keltner - Broker

Main Address:

8395 S. Walden Blvd.

Wilhoit, AZ 86332

Telephone:

(928) 442-2304

E-Mail:

rick@mtg-res.com

Web Site:

http://www.mtg-res.com

Please check the State Availability page, prior to contacting us, in order to insure that we will be able to process your loan request.

RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. APRs QUOTED ARE APPROXIMATIONS AND WILL VARY ACCORDING TO PROPERTY / BORROWER QUALIFICATIONS, CLOSING DATE AND LOAN AMOUNT. START AND NOTE RATE ARE OFTEN ROUNDED TO THE NEAREST 1/8%. RATE QUOTE DOES NOT CONSTITUTE A LOAN COMMITMENT.