STATED INCOME COMMERCIAL REAL ESTATE LENDER - NO TAX RETURNS! 75% LTV MULTI-FAMILY LOANS!

RED STAR MORTGAGE CORPORATION

 

STATED INCOME COMMERCIAL REAL ESTATE LOAN PROGRAM

 

PERFECT FOR SELF-EMPLOYED BORROWERS, NO PROOF OF INCOME REQUIRED, NO GLOBAL DEBT SERVICE COVERAGE REQUIREMENTS.

STREAMLINED PROCESS FROM APPLICATION TO CLOSING – CREDIT REPORT, PROPERTY APPRAISAL & CLOSING IN 40 DAYS!

 

 

Lending Guidelines

Documentation

NO Tax returns, NO w-2’s, NO proof of income is required. Credit & Appraisal.

Loan Amounts

$250,000 - $2,000,000

Loan Purpose

               Purchase

               Refinance (rate/term & cash-out)

Property Types

        Class I: multifamily (5+ units) & mixed-use

Class II: office, retail, warehouse, self-storage, automotive services

Debt Coverage Ratio (DCR)

Class I: 1.20 | Class II: 1.25

Loan-to-Value (LTV)

Class I: 70-75% LTV | Class II: 65-70% LTV

Fixed Period

3 & 5 year options

Minimum FICO

650 Middle Score

Pricing

Rates starting in 7-8%  range with 30 Am and No Balloon or Maturity

Terms

30 year loan / 30 year fully amortizing

Prepayment Penalty

Equal to the fixed period

Red Star Advantage

               Simple loan documents

               No loan committees

               Common sense underwriting

               NO Tax Returns, W-2’s, Paystubs or proof of income required

               Quick Closings - 30-45 days!

 

 

With our objective strategy and common sense approach, we aim to help you capitalize on the growing opportunities in our small balance commercial niche.

(610) 578-0715 RED STAR MORTGAGE CORPORATION

*The above parameters are general guidelines only and are subject to change without notice. Transactions will be considered on a case-by-case basis.           

Gary Polao, Managing Director

RED STAR COMMERCIAL REAL ESTATE FUNDING

Multi-Family l NNN Lease Finance l CMBS Conduit Lender

610-578-0715 Direct

610-578-0716 Fax

E-Mail: gpolao@gmail.com

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Comment by Gary on September 14, 2014 at 7:51pm

Stabilized properties only, including SFR, 1-4 and multi-family. Thanks.

Comment by Maverick Robinson on September 14, 2014 at 2:59pm

is the service available for ground up construction 22 single family homes?

Comment by Gary on August 11, 2013 at 6:16am

Paul, we are only able to lend on Commercial Real Estate (5+ Units). Thank you for inquiring.

Comment by Paul meridith on August 10, 2013 at 6:22am

Seeking Funding for Income Producing Residential Duplex in Brunswick, Georgia. Valued at $160,000, Asking Price is $140,000. I need between $75,000 and $100,000 to Purchase. The Seller is willing to carry a Second in the form of Owner Financing for the Balance. Property is being purchased as a Buy-and-Hold income producer, Grossing $21,000/yr Income. Would like Loan to be based on 30yr Amortization with Payments (or Interest Only Payments)for 3-5yrs. Looking to Re-Finance (or Sell) Property in 3-5 years.

Please Advise
Paul M.
Pmmerid@juno.com

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