SBA Fallout Loan Program

SBA Fallout Loan Program Feature	Characteristics
Loan amount	$500.000 - 7 Million
Minimum Fico	660
Minimum DSCR	1.30
Maximum LTV	90% for multi use properties (office, retail, condo, warehouse, medical office, mixed use, light industrial). 85% for special use properties (automotive, assisted living, hotel, motel, restaurant, day care)
First Mortgage	First mortgage 50% and Second mortgage up to 40% First mortgage amortized up to 25 years and Second mortgage up to 20 years. Second mortgage rates is fixed for 20 years
Must be owner occupied 51%+ to qualify under this program
Loan Purpose	Purchase only
Underwriting philosophy	Global Cash Flow Underwriting
Closing time	60 days if complete package
Loan programs available	1. Adjustable (prime plus 2.75%) 2. 3 Year Fixed: Rate starts at 5.5% with 5 year declining prepayment 3. 5 Year Fixed: Rate starts at 6.5% with 5 year declining prepayment (the above two options only apply to the first mortgage) 4. The second mortgage will carry an interest rate of approx. 5.5% fixed for 20 years and amortized over 20 years 5. Seller Financing allowed by, borrower must have Minimum Equity of 10%