Apex Mortgage Corp.

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

"C" CREDIT LOANS
LOAN AMOUNT	Minimum: $25,000 Maximum: $400,000
LOAN TERM	5 Years - 15 Years
LOAN TYPE	Purchase Rate/Term Refinance
RATE	Fixed Rate
PREPAYMENT PENALTY	3% for 36-48 months depending on property type and credit
PERSONAL GUARANTEES	Personal guarantees are required on all loans
ADDITIONAL COLLATERAL	All N.O.O. Property and Comm. Property Loans require a lien on the Borrower's Primary Residence.
MAXIMUM COMBINED LOAN TO VALUE [See attached grid for maximum CLTV by individual property types]	65%
MINIMUM PROPERTY VALUE	$50,000 or $12,000 per unit
LIEN POSITION	First liens only
OCCUPANCY	Owner Occupied Non-Owner Occupied
MINIMUM DEBT SERVICE COVERAGE RATIO	1.35% coverage ratio on all multi family loans, no debt coverage on loans to self employed individuals.
CREDIT QUALITY Mortgage	Mortgage must have been rated for at least 24 months. Mortgage rating must not contain more than six (6) thirty (30) day and two (2) sixty day delinquencies in the prior twelve (12) month period. Mortgage rating must not contain more than six (6) thirty (30) day, four (4) sixty day and one (1) ninety day delinquencies in the prior twenty-four(24) month period.
CREDIT QUALITY Consumer Credit	Assorted thirty (30) day and sixty (60) day delinquent accounts allowed. Two (2) ninety (90) day delinquent payments allowed over the prior 24 months on any one account.
CHARGE OFFS/ COLLECTIONS	Charged off/collection accounts are allowed under $2500. Open charge offs must be paid prior to or at closing. Charge offs related to tax liens, medical bills and student loans will not be considered a negative in the credit analysis.
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. No Cash Out Allowed.
ELIGIBLE PROPERTY TYPES	See Attached LTV List
INELIGIBLE PROPERTY TYPES	Gas Stations Salvage Yards Farmland Vacant lots Industrial properties Manufacturing Condo Hotels Cooperatives Mobile Homes/ Manufactured Housing Dry Cleaners 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-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. 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 TYPES	CLTV OWNER OCCUPIED/NON-OWNER OCCUPIED
Single Family Residence	60
1-4 unit property	60
5+ apartments	60
Mixed use (Commercial + Apartments)	60
Retail Store - Strip or Free Standing	60
Professional office	60
Bar/Restaurant	50
Warehouse/ Office	50
Auto Repair/ Auto Related	case by case
Day Care/ Funeral Home/ Hair Salon/ Barber Shop	case by case
Hotel/ Motel	50
Recreational Property	case by case
Mobile Home Park	case by case
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
Additional documentation may be submitted with original package to assist in underwriting. Please indicate all documentation enclosed on summary sheet

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