New Broker Registration
Owner Occupied Special-Use
Owner occupies ≥ 51% for their business use. Special-use is commonly associated with properties that are either designed for a particular type of tenant, or are modified for use by a particular type of tenant. They are not suitable for multi-use (use by a wide variety of tenants, such as an office, retail or industrial building). The modifications are significant enough that future users of the property would have to incur significant costs for conversion to their use.
Typical Properties:
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Summary:
Product Type: |
Owner-Occupied Special-Use |
Property Type: |
Restaurant, Bar, Nightclub, Self Storage, Auto Repair/Dealership, Assisted Living, Entertainment |
Loan Amount (min/max): |
$250,000 / $6MM |
LTV (max): |
60% to 65% |
CLTV (max): |
85% |
Amortization / Term: |
20-25 years |
Minimum FICO: |
650 |
Minimum DSCR: |
1.00x to 1.30x |
Non-Eligible: |
Ground Lease, Mobile Home Parks |
Cash-out: |
Allowed on some programs |
Collateral: |
Real Property and UCC-1 on FFE |
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