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MIXED USE
COMMERCIAL MORTGAGE LOANS
Potential: Purchase, Refinance, or Refinance with Cash-Out.
Definition: Mixed-use properties must contain at least one commercial unit (retail, office, etc.) and at least one residential unit. Common types of mixed-use properties include a ground floor retail or office unit with apartment(s) above, all within the same building. The primary use at the property must be for residential purposes in order for it to be considered mixed-use.
Details: Program Details Below
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Minimum Occupancy
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75%
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Minimum No. of Units
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2
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Maximum LTV
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Middle Credit Score
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use lessor of LTV & LTC
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680
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80%
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625
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75%
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575
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70%
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Minimum Equity with
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Middle Credit Score
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Subordinate Financing
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680
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10-15% Equity 2nd
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seller 2nd up to 25% of value
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625
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10-20% Equity 2nd
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575
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10-25% Equity 2nd
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Terms
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Fully amortized for 30 years
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Minimum Debt Coverage
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1.25 to 1
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Required Reserves
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2 Months PITI
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PITI - Payment, Interest, Taxes, Insurance
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Special Requirements for Refinance & Cash-Out
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- 2 year minimum ownership
- Minimum Debt Coverage is 1.30-1.45
- Maximum LTV/LTC is 65-75%, case-by-case
- Minimum Loan Size is $100,000
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All loan programs, guidelines, rates, and prices are subject to change at any time without notice. Not responsible for typographical or technical errors.
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