Reduced Doc Multi-Family Loans
65% to 3mil

AVAILABLE PRGRAMS:

o 6 Month Treasury ARM, 3/1 ARM, 5/1 ARM, or 15 YEAR Fixed
o 30 Year Amortization
o 30 Year Term (except the 15 yr Fixed Program)

PROPERTY TYPE:

o Over 5 Units Apartment Properties
o Good condition, Strong Operating History
o Mixed-use Properties (Commercial Residential) with Commercial Square Footage <=25% of the total square footage.

CREDIT:

o 2 yearn of established credit history with a minimum credit score of 680.
o No mortgage lates in the last 24 months.
o No judgments, liens, charge offs, collections or public records in the Past 24 months,
o No notice of default it, foreclosure, or bankruptcy.

INCOME:

o Most recent month's cancelled checks or bank statement to support rental income as stated on property rent roll
o Qualify using 5% vacancy and 35% operating expenses or actual expenses, whichever is greater
o Subject property must demonstrate positive cash flow with minimum Debt Coverage Ratio of 1.30x required
o Review of Borrowers Tax Returns (Full Documentation) require on all Cash out refinances.

ASSETS:

o Personal Financial Statement from borrowers must demonstrate sufficient cash to close and strong net worth
o Bank Statements to support the cash liquidity as stated on borrower's Personal Financial Statement
o A holdback equal to the greater of 12 months P & I or 10% of the loan amount will be required if one or more of the following applies:
o Market rents are needed to qualify instead of actual rents (Purchase transactions)
o Market tents are needed to quality for units that are currently vacant
o Occupancy is less than 90%

SPECIAL FEATURES:

o Available with or without pre-payment penalty option,
o Available for Purchase, Rate and Term or Cash out Refinance
o Maximum cash out amount is $200,000. Cash out with the purpose of paying off another lender is not allowed.
o Cash out refinance is not available for Texas properties

Don Maher
Universal Capital Mortgage Corp
(800) 736-0565