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RETAIL CENTER
COMMERCIAL MORTGAGE LOANS
Potential: Purchase, Refinance, or Refinance with Cash-Out.
Definition: Retail buildings are designed for retail sales and display and usually have display or decorative fronts. This retail classification encompasses a wide variety of uses including, but not limited to: markets, convenience stores, drugstores, department stores, big box retailers, barber shops, Laundromats, etc.
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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5
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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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75%
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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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10-20% Equity 2nd
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bank 2nd up to 5% of value
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625
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10-20% Equity 2nd
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seller 2nd up to 25% of value
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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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