Apex Mortgage Corp.

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

Commercial Loans
LOAN AMOUNT	Minimum: $25,000 Maximum: $400,000
LOAN TERM	Maximum term 15 Years
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
MAXIMUM COMBINED LOAN TO VALUE [See attached grid for maximum CLTV by individual property types]	65%
MINIMUM PROPERTY VALUE	$50,000
LIEN POSITION	First liens on primary collateral
OCCUPANCY	Owner Occupied Non-Owner Occupied - case by case basis
CREDIT QUALITY Mortgage	Mortgage must be rated at least 24 months. Mortgage rate sporadic thirty (30), sixty (60), ninety (90) day case by case.
CREDIT QUALITY Consumer Credit	Case by case. Written credit explanation required at time of application.
CHARGE OFFS/ COLLECTIONS	Charge off are allowed in the prior twelve (12) months period.
BANKRUPTCIES	All bankruptcies must be discharged.
ELIGIBLE PROPERTY TYPES	See attached LTV list. All properties subject to APEX review
INELIGIBLE PROPERTY TYPES	Salvage Yards Farmland Vacant lots Restaurants (Free Standing) Manufacturing 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. All loans 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 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 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 $3500
PROPERTY TYPES	CLTV OWNER OCCUPIED/NON-OWNER OCCUPIED
Single Family Residence	60
1-4 unit apartment	60
5+ apartments	60
Mixed use (commercial + apartments)	65
Retail Store - Strip or Free Standing	65
Professional office buildings	65
Bar/Restaurant	65
Warehouse/Office	60
Auto Repair/Auto Related	case by case
Day Care/ Funeral Home/ Hair Salon/ Barber shop	60
Motel/Hotel	60
Recreational Property	50
Mobile Home Park	case by case

	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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