Apex Mortgage Corp.

* APEX does not lend on gas stations, dry cleaners, or raw land

LIMITED INCOME VERIFICATION BUSINESS LOANS
LOAN AMOUNT	Minimum: $25,000 Maximum: $400,000
LOAN TERM	5 Years - 25 Years
RATE	Fixed Rate Adjustable Rate
ARM INDEX	Prime Rate as published in the eastern edition of the Wall Street Journal
PREPAYMENT PENALTY	3% for 36 to 48 months depending on property type and credit
PERSONAL GUARANTEES	Personal guarantees are required on all loans
MAXIMUM COMBINED LOAN TO VALUE [See attached grid for maximum CLTV by individual property types]	See Program Matrix for LTV by Property Type For loan amount above $250,000 CLTV is reduced by 5%.
MINIMUM PROPERTY VALUE	$75,000 or $12,000 per unit
LIEN POSITION	First or Second
OCCUPANCY	Owner Occupied Non-Owner Occupied
CASH OUT REFINANCES	Maximum cash to borrower is $150,000
BORROWER QUALIFICATION	Full income verification is not required. Borrower is required to describe the type of business and provide relevant documentation to prove how income is generated.
CREDIT QUALITY Mortgage	Mortgage must be current. Mortgage must have been rated for at least twenty four (24) months. Mortgage rating must not have more than one (1) thirty (30) day delinquency in the past twelve (12) months.
CREDIT QUALITY Consumer Credit	Accounts must be paid "AS AGREED". Limited thirty (30) day delinquents allowed with explanation.
CHARGE OFFS/ COLLECTIONS	Charge offs are not allowed in the prior twelve (12) month period. Charge offs over $500 are not allowed in the period between months thirteen (13) and twenty four (24).
BANKRUPTCIES	Bankruptcies are not allowed in the prior five (5) year period.
FINANCIAL REVIEW	Three primary business/trade references may be required. The existence of the business for at least three years must be documented. Business tax returns for the past two years are required.
RESTRICTIONS	Corporate or business losses cannot exceed 5% of gross sales. No start-up ventures.
ELIGIBLE PROPERTY TYPES	See attached LTV List
INELIGIBLE PROPERTY TYPES	Salvage Yards Farmland Vacant lots Industrial properties Manufacturing Gas Stations Condo Hotels Cooperatives Dry Cleaners Mobile Homes/Manufactured Housing Rural properties in areas under 25% built up
APPRAISAL	An APEX obtained appraisal is required on all properties.
ENVIRONMENTAL	All loans must have an environmental questionnaire completed. Loans in excess of $100,000 and secured by other than a mixed use property containing 4 or less total units, or by targeted property types, will require Environmental Insurance.
AGE OF DOCUMENTATION	Credit documents cannot be more than 90 days old. Appraisals must be less than 60 days old.
LEGAL REQUIREMENTS	Mortgages [required on all real estate collateral] Assignment of rents/leases/profits Recorded UCC-1financing statements Affidavit of business use of proceeds Personal Guarantee Cross collateral/cross default (as needed) Late charges on note [as per state requirement] Partnership Agreements or articles of incorporation and corporate resolutions (as applicable) Title insurance policies Flood insurance policies [if applicable]. Evidence of standard form fire and extended coverage perils insurance. Consent required by lender for permitting subordinate financing. Due on sale clauses. RESPA disclosures (if applicable). Seller financing permitted up to a CLTV of 80% Broker Affidavits acknowledging satisfaction of fees and demonstration of signed Broker Agreements. The maximum broker fee cannot exceed 5%, loans under $70000 maximum fee $3500
PROPERTY TYPES	CLTV OWNER OCCUPIED/NON-OWNER OCCUPIED
Single Family Residence	75
1-4 unit apartments	75
5+ apartments	75
Mixed Use [commerical + residential]	75
Retail Store - Strip or Free Standing	75
Professional office space	75
Bar / Restaurant	70
Warehouse/ Office	65
Auto Repair/ Auto Related	60
Day Care/ Funeral Home/ Hair Salon/ Barbershop	65
Motel/Hotel	65
Church/House of Worship	60
Recreational Property	60
Mobile Home Park	70
UNDERWRITING DOCUMENTATION REQUIRED
	1) Summary Sheet 2) COMPLETED 1003 Application 3) Credit Report 4) Mortgage Broker Agreement
Additional documentation may be submitted with original package to assist in underwriting. Please indicate all documentation enclosed on summary sheet

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