Loan Programs

MFG STATED

• Loan amounts $500,000 to $5,000,000.
• 3, 5, 7, 10, 15-year fixed rates available.   After fixed period, rate converts to 6-month LIBOR plus 2.50%.
• 85% LTV (loan-to-value) on purchases; 80% LTV on cash-out or rate-term refinance
• Recourse (personal guarantee required unless loan is 50% LTV or less).
• Mixed use parks are allowed ( 25% commercial rentals and no more that a 10% RV component).
• Minimum of 15 spaces, and no more than 25% park owned units allowed.
• Term: 30-years, no balloon in 10 years.
• Amortization: 30-years
• Down payment can come from home equity loan. Borrower must put a minimum 10% down from their own assets.
• 10% of down payment can be gifted.
• Seller payment of buyers closing costs not to exceed 3%.
• Up to 5% deferred maintenance allowed.
• Closing in 45 days of receipt of borrowers application and loan registration.
• Closing can be in 30 days with additional rush appraisal fee.
• Stated Income, no debt to income ratio or net worth to income ratio on the borrower.
• 60 day rate lock available.

SELECT PROFESSIONAL

• Loan amounts $2,000,000 to $100,000,000.
• Non-Recourse, no personal guarantee.
• 5, 7, 10-year fixed rates available and terms with 30-year amortization.
• LTV up to 80% with cash out refinance or purchases.
• Yield maintenance or defeasance prepayment penalty.
• Assumable with a 1-point fee.
• Fully documented loan with debt to income, net worth to loan and liquidity to net worth ratios.
• 2% refundable 60 day rate lock deposit.

COMMERCIAL LOANS

• Mini-storage, shopping centers, office buildings, triple net retail, and industrial
• Loan amounts $1,500,000 to $50,000,000
• Income on tax returns and personal income-to-debt ratios needed to qualify
• 5, 7, 10-year fixed rates and terms with 30-year amortization