Apex Mortgage Corp.

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

"B" CREDIT 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 36-48 months depending on property type and credit
PERSONAL GUARANTEES	Personal guarantees are required on all loans
ADDITIONAL COLLATERAL	As Needed
MAXIMUM COMBINED LOAN TO VALUE [See attached grid for maximum CLTV by individual property types]	70% up to $250,000 For loan amounts above $250,000 CLTV is reduced by 5%.
MINIMUM PROPERTY VALUE	$75,000 or $12,00 per unit
LIEN POSITION	First liens & Second liens on primary collateral
OCCUPANCY	Owner Occupied Non-Owner Occupied
CASH OUT REFINANCES	Maximum cash to borrower is $75,000
BORROWER QUALIFICATION	Full income verification is not required. A common sense income analysis should be utilized. 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 be rated for at least 24 months. Mortgage rating must not have more than three (3) thirty day and one (1) sixty day delinquencies in the prior twelve month period. Mortgage rating must not have more than six (6) thirty (30) day and one (1) sixty (60) day delinquencies in the prior twenty four (24) month period.
CREDIT QUALITY Consumer Credit	Pattern of thirty (30) day and sixty (60) day delinquent accounts allowed. Limited ninety (90) day delinquent accounts allowed with explanation.
CHARGE OFFS/ COLLECTIONS	Charge offs/collection accounts 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). Open charge offs must be paid prior to or at closing.
BANKRUPTCIES	Bankruptcies are not allowed in the prior two (2) year period.
FINANCIAL REVIEW	Three primary business/trade references are 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	Gas Stations Salvage Yards Farmland Vacant lots Industrial properties Manufacturing Condo Hotels Cooperatives Dry Cleaners Mobile Homes/ Manufactured Housing Rural properties in areas under 25% built up
APPRAISAL	An appraisal is required on all properties. Two appraisals are required on loan amounts above $300,000.
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 must have Environmental Insurance.
AGE OF DOCUMENTATION	Credit documents cannot be more than 90 days old. Appraisals must be less than 60 days.
LEGAL REQUIREMENTS	Mortgages [required on all real estate collateral] Assignment of rents/leases/profits Recorded UCC-1 financing statements Recorded Security Agreements 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 $70,000 maximum fee $3,500
PROPERTY TYPE	CLTV OWNER OCCUPIED/NON-OWNER OCCUPIED
Single Family Residence	65
1-4 unit apartments	65
5+ apartments	65
Mixed use [commercial + residential]	65
Retail Store - Strip or Free Standing	65
Professional office	65
Bar/Restaurant	65
Warehouse/ Office	60
Auto Repair / Auto Related	case by case
Day Care / Funeral Home/ Hair Salon/ Barbershop	60
Church/House of Worship	60
Hotel/ Motel	60
Recreational Property	50
Mobile Home Park	65
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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