CMG CAPITAL PROGRAMS OVERVIEW 

RESIDENTIAL: SFR/ Condo/ 2-4 units/ Condo Projects/ High Rise Condos/ High-End Lofts/ Luxury Condo-Tel’s

  • Conforming – Fannie Mae – up to $417,000
  • Jumbo Loans up to 30 million
  • Foreign Nationals
  • Hard Equity – Private Investors
  • Condo Financing – Full & Limited Review
  • Homepath House/ Condo’s Owner Occupied up to 95%
  • Buy & Rehab Program – up to 20 properties
  • Non -Prime Loans – 500+ Credit Scores,  1 day of Short Sale/ Foreclosure and BK 7

COMMERCIAL: Multi-Family/ Student Housing/ Income Properties/ Mixed-Use Properties and more

  • Owner Occupied Commercial Office
  • Investment Multi-Family
  • Investment Commercial Spaces
  • Shopping Centers
  • Foreign Nationals Commercial

DETAILS PER LOAN PROGRAM

RESIDENTIAL CONVENTIONAL – up to 95% LTV * CONVENTIONAL LOANS could take up to 45 days to close

Owner Occupied up to 95% LTV

  • SFR
  • Condo
  • 1st Time Home Buyers
  • Gift Money allowed
  • 620 Minimum scores (with MI)

Second Home up to 85% LTV (Full Review)
Investment up to 80% LTV (Full Review)
Limited Review 75% LTV or less

 HOMEPATH – up to 95% LTV

Owner Occupied up to 95% LTV

  • No Condo Review
  • No MI Insurance
  • No Appraisal
  • Seller Contribution allowed
  • Gift Money allowed

Second Home up to 90% LTV
Investment properties up 85% LTV

NON-PRIME SPECIALTY LOANS – up to 80% LTV * NON-PRIME could take up to 30 days to close *

Owner Occupied

  • Purchase to 80% LTV
  • Owner Occupied w/ Foreclosure & Bankruptcy >2 yrs up to 70% LTV
  • Gift money allowed on purchases
  • 1 day out of Foreclosure/BK for Purchase ONLY!
  • Cash Out Refi w/ 500 score to $750K

50% DTI
Fixed Rate
NO Prepayment Penalty
24 months Bank Statements for SE (For income)
30 year amortization – No balloons
Second Home and Investment available
No Foreign Nationals

LINE OF CREDIT FOR SEASONED INVESTORS RESIDENTIAL– up to 80% LTV * LINE OF CREDIT could take up to 30 days to close

  • Allocation of funds  (Line of Credit) – Full Loan Package
  • Up to $3.5M Credit Line
  • Residential properties (less than 4 units)
  • No interest
  • Use the credit line as a pre-approval and buy properties
  • 2-3 days to get an approval
  • 600 minimum score
  • 50% DTI
  • Rehab loans for investors purchases
  • Short term (3-11 Months)
  • Money to buy and rehab the property up to 80% of all costs
  • No prepayment penalty

LINE OF CREDIT FOR SEASONED INVESTORS MULTI-FAMILY– up to 70% LTV * LINE OF CREDIT could take up to 30 days to close

  • Allocation of funds  (Line of Credit) – Full Loan Package
  • Up to $4M Credit Line ($1M max per property)
  • Multi-Family properties (5-20 units)
  • Individual Property Approval (each property will be individually underwritten, approved and funded.
  • Interest Rate 12.99-14.99% (based on the full amount of the loan).
  • Use the credit line as a pre-approval and buy properties
  • 600 minimum score
  • 50% DTI
  • Short term (9 Months) Can extend to 12 months for 1 point or pay 1.5% per annual extension (maximum 2 yrs)
  • Money to buy and rehab the property up to 70% of all costs
  • No prepayment penalty (4 months minimum interest)

FOREIGN NATIONALS – up to 70% LTV * FOREIGN NATIONALS could take up to 60 days to close

SFR/ Condo/ Condo-Tel

  • 3-4 Credit letters from:
  • Credit Letter
  • Bank Reference Letter (2)
  • Accountant Letter w/accountants license
  • Proof of address (Power Light/ Utility bill from their country)
  • Evidence of employment existence (website, phone, business card)
  • 2 months bank statements
  • 6 months reserves for 70% LTV for SFH Only
  • 12 months reserves for less than 65% LTV
  • 24 months reserves for 65% to 70% LTV

Second Home
Investment

HARD MONEY LOANS – up to 70% LTV * HARD MONEY could take up to 21 days to close

Residential & Commercial

  • Second Home
  • Investment
  • Property driven (appraisal)
  • Inspection paid by the borrower

MULTI-FAMILY RESIDENTIAL – $250K to $10M up to 80% LTV * MULTI-FAMILY LOANS could take up to 60 days to close

Operating Statements past 2 yrs. & YTD
Rent Roll
Statements of Net Worth

  • Liquidity
  • Recurring income
  • Purchase contract (if applicable)
  • Property photos
  • Property profile

OWNER-OCCUPIED COMMERCIAL – $250K to $5M up to 80% LTV * OFFICE COMMERCIAL LOANS could take up to 60 days to close

Professionals and Business Owners

  • Personal and Business Income Tax for the past 2-3 years
  • YTD Profit & Loss
  • Personal guarantee (Credit score above 680)
  • Loan could be in Companies Name (LLC)
  • 2 Months Bank Statements
  • Statements of Net Worth
  • Liquidity
  • Purchase contract (if applicable)
  • Property photos
  • Property profile

FOREIGN NATIONAL COMMERCIAL – $250K to ? Up to 65% LTV * FOREIGN NATIONAL COMMERCIAL could take up to 60 days to close

Operating Statements past 2 years & YTD
Rent Roll
Statements of Net Worth

  • Liquidity
  • Recurring income
  • Purchase contract (if applicable)
  • Property photos
  • Property profile

ADDITIONAL U/W TOOLS TO QUALIFY FOR
RESIDENTIAL/ FOREIGN NATIONAL/ COMMERCIAL LOANS

  • PLEDGE ASSETS – up to 90% LTV (Applies to different loan programs)

Finance up to 90% with asset pledge
Any person may pledge assets on behalf of borrower
Subject to Bank review and approval

  • ASSET DEPLETION QUALIFICATION – Eligible Assets:

Cash Equivalent – CD’s, MM, Savings & Checking Accounts
Trust Funds & Investment Portfolios: Stocks, bonds, mutual funds, etc
Retirement accounts only if the borrower is of retirement age
Target DTI is 40%

  • Subtract down payment and 12 months reserves of full PITI on subject + all other payments

Asset depletion is an u/w tool only

Guidelines, requirements, ltv’s, underwriting, etc. subject to change without notice.