APEX works with brokers to provide direct lending to your commercial clients with urgent financing needs. Many of the businesses that we work with have found that traditional banks will not underwrite small balance loans or loans to support building purchase, renovations, debt consolidation or some other commercial mortgage application. Many self-employed building owners find that banks just don’t understand them, APEX does!

Does your deal fit?

  • Loans range from $25,000 to $1 million (minimum property value of $75,000)
  • Credit rating from A0 through A5 (see Credit Grade below)
  • Property types financed include apartment buildings, mixed use, retail buildings, office buildings, warehouses, auto repair shops, day care businesses, hotels, motels, office buildings (See Property Types below)
  • APEX has the capacity to help with unusual loans and circumstances

APEX is a wholly owned subsidiary of Firstrust Bank. We lend in 42 states by funding and servicing commercial mortgages for their customers. We do not lend in Alabama, Alaska, Hawaii, Michigan, Nevada, North Dakota, Vermont and West Virginia.

Talk to one of our underwriters. They are the decision makers. Let us evaluate your deal or apply to become an Approved Broker member of our broker affiliate program.

Credit Grade

PROGRAM A0

INCOME PRODUCING REAL ESTATE

INCOME QUALIFYING BUSINESS LOAN

LOAN AMOUNT
Minimum: $500,000
Maximum: $1,000,000
LOAN TERM
5 Years – 25 Years
RATE
Fixed Rate 7.5% par                    ARM Prime + 4%
PREPAYMENT PENALTY
    5% Months 1-12                              5%Months 1-12
    4% Months 13-24                           4% Months 13-24
    3% Months 25-36                           3% Months 25-36
    2% Months 37 – 48                        2% Months 37-48
    1% Months 49 – 60                        1% Months 49-60
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.
LIEN POSITION
First liens only
OCCUPANCY
Owner Occupied
Non-Owner Occupied
CASH OUT REFINANCES
Maximum cash to borrower is $250,000
MINIMUM DEBT SERVICE COVERAGE RATIO
All Properties Subject to Debt Coverage Ratio Minimums. See Program Grid for DSCR by Property Type For DSCR Purposes, rent for Owner Occupied units will be determined by current market rents.
DSCR on business income will also be a method for determining eligibility.
By exception, personal DTI ratios may also be considered.
CREDIT QUALITY MORTGAGE
Mortgage must be current. Mortgage must have been rated for at least twenty-four (24) months.
CREDIT QUALITY CONSUMER CREDIT
All accounts must be paid “AS AGREED”.
Minimum FICO score 650.
CHARGE OFFS/ COLLECTIONS
Charge offs are not allowed in the prior twelve (12) month period.
BANKRUPTCIES
Bankruptcies are not allowed in the prior four (4) year period.
ELIGIBLE PROPERTY TYPES
See attched list
INELIGIBLE PROPERTY TYPES

Churches

Gas Stations

Salvage Yards

Farmland

Vacant Lots

Manufacturing

Condo Hotels

Cooperatives

Manufactured Housing

Mobile Homes

Restaurant/Bars

Rural properties in areas under 25% built up

Any property with a vacancy rate over 15%
APPRAISALS
An APEX obtained appraisal is required on all properties.
ENVIRONMENTAL
All loans must have an environmental questionnaire completed. All loans require the payment of an Environmental Processing Fee of $500-$1,500.
AGE OF DOCUMENTATION
Credit documents cannot be more than 90 days old. Appraisals must be less than 60 days old at the time of closing.
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)
  • Broker Affidavits acknowledging satisfaction of fees and demonstration of signed Broker Agreements.
PROPERTY TYPES

LTV      DSCR

 

2-4 unit property
70           1.25
5-9 unit property
70           1.25
10-25 unit property
70           1.3
Motel/Hotel
65           1.5
Mixed Use (1 commercial + 1-4 unit residential)
70           1.25
Mixed Use (commercial + residential)
70            1.3
Professional Office Space
70            1.3
Retail Store – Free/Strip Standing
70           1.35
Mobile Home Park
65           1.5
Small Commercial
70           1.5
Office/Warehouse
65           1.5
Industrial properties
60           1.5
UNDERWRITING DOCUMENTS 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 included on the Summary sheet.

PROGRAM A1

INCOME PRODUCING REAL ESTATE

INCOME QUALIFYING BUSINESS LOAN

LOAN AMOUNT
Minimum: $25,000
Maximum: $500,000
LOAN TERM
5 Years – 25 Years
RATE

Fixed Rate

Adjustable Rate

ARM INDEX
Wall Street Journal Prime
PREPAYMENT PENALTY

5% Months 1-12; 4% Months 13-24; 3% Months 25-36;

2% Months 37-48; 1% Months 49-60

PERSONAL GUARANTEES
Personal guarantees are required on all loans.
MAXIMUM COMBINED LOAN TO VALUE
CLTV’s considered up to 80% on a case by case basis
MINIMUM PROPERTY VALUE
$75,000 OR $12,000 per unit
LIEN POSITION
First liens on primary collateral
OCCUPANCY
Owner Occupied
Non-Owner Occupied
CASH OUT REFINANCES
Maximum cash to borrower is $150,000
MINIMUM DEBT SERVICE COVERAGE RATIO

See Program Grid for DSCR by Property Type

All loans qualified at the program note rate. For loan less than $250,000 a debt ratio of 45% can be employed for alternative

CREDIT QUALITY MORTGAGE
Mortgage must be current. Mortgage must have been rated for at least 24 months. Mortgage rating cannot have more than 2 30-day delinquencies in the prior 12 month period.
CREDIT QUALITY CONSUMER CREDIT
Majority of accounts must be paid “AS AGREED” Limited 30 day and 60 day delinquencies allowed with explanation.
CHARGE OFFS/ COLLECTIONS/ BANKRUPTCIES

Charge offs are not allowed in the prior 12 month period. Charge Offs over $500are not allowed in the period between months 13 and 24. Open chargeoffs must be paid prior to or at closing.

Bankruptcies are not allowed in the prior 2 year period.

APPRAISALS
An Apex obtained appraisal is required on all properties.
ENVIRONMENTAL

All loans must have an environmental questionnaire completed.

All loans require the payment of an Environmental Processing Fee of $500-$1,500.

AGE OF DOCUMENTATION

Credit documents cannot be more than 90 days old.

Appraisals must be less than 60 days old at the time of closing.

ELIGIBLE PROPERTY TYPES
See attched LTV list
INELIGIBLE PROPERTY TYPES

Auto Repair/ Auto Body

Church/ House of Worship

Gas Stations

Salvage Yards

Farmland/ Rural Properties

Vacant Lots

Manufacturing/ Industrial Properties

Dry Cleaners (drop off/pick up considered)

Condo Hotels

Cooperatives

Manufacturing Housing/ Mobile Homes

Assisted Living Facilities

Bar/Restaurants

PROPERTY TYPES

MAX LTV & DSCR

OWNER OCCUPIED/NON-OWNER OCCUPIED

Single Family Residence (additional collateral only)
70           1.00            1.20 If 100% investment property
2-4 unit property
70           1.25            1.35 If 100% investment property
5+ unit property
70           1.25            1.35 If 100% investment property
Motel/Hotel
65           1.30            1.75 If 100% investment property
Mixed Use (commerical & residential)
70           1.25            1.35 If 100% investment property
Professional Office Space
70           1.25            1.35 If 100% investment property
Retail Store (Free/Strip Standing)
65           1.35            1.55 If 100% investment property
Mobile Home Park
65           1.35            1.55 If 100% investment property
Office/Warehouse
60           1.35            1.75 If 100% investment property
Church/House of Worship
60           1.25 O/O only
Garage/Storage/Auto
50           1.40 O/ O only
Small Commercial
65           1.35            1.55 If 100% investment property
UNDERWRITING DOCUMENTS REQUIRED
Summary Sheet, Credit Report, Completed 1003 Application
PROGRAM A2
LIMITED INCOME VERIFICATION BUSINESS LOANS
LOAN AMOUNT
Minimum: $25,000
Maximum: $500,000
LOAN TERM
5 Years – 25 Years
RATE

Fixed Rate

Adjustable Rate

ARM INDEX
Wall Street Journal Prime
PREPAYMENT PENALTY

5% Months 1-12; 4% Months 13-24; 3% Months 25-36;

2% Months 37-48; 1% Months 49-60

PERSONAL GUARANTEES
Personal guarantees are required on all loans.
MAXIMUM COMBINED LOAN TO VALUE
CLTV’s considered up to 80% on a case by case basis
MINIMUM PROPERTY VALUE
$75,000 OR $12,000 per unit
LIEN POSITION
First liens on primary collateral
OCCUPANCY
Owner Occupied
Non-Owner Occupied
CASH OUT REFINANCES
Maximum cash to borrower is $150,000
BORROWER QUALIFICATIONS
Full income verification is not required. Borrower is required to describe the type of business & provide relevant documentation to prove how income is generated.
CREDIT QUALITY MORTGAGE

Mortgage must be current.

Mortgage must have been rated for at least 24 months. Mortgage rating must not have more than 1 30day delinquency in the past 12 month period.

CREDIT QUALITY CONSUMER CREDIT
Majority of accounts must be paid “AS AGREED” Limited 30 day delinquencies allowed with explanation.
CHARGE OFFS/ COLLECTIONS/ BANKRUPTCIES

Charge offs are not allowed in the prior 12 month period. Charge Offs over $500 are not allowed in the period between months 13-24.

Bankruptcies are not allowed in the prior 2 year period.

FINANCIAL REVIEW
3 primary business/trade references may be required. The existense of the business for at least 3 years must be documented. Business tax returns for the past 2 years required..
RESTRICTIONS
Corporate or business losses cannot exceed 5% of gross sales. No start up ventures.
APPRAISALS
An Apex obtained appraisal is required on all properties.
ENVIRONMENTAL

All loans must have an environmental questionnaire completed.

All loans require the payment of an Environmental Processing Fee of $500-$1,500.

AGE OF DOCUMENTATION

Credit documents cannot be more than 90 days old.

Appraisals must be less than 60 days old at the time of closing.

ELIGIBLE PROPERTY TYPES
See attched LTV list
INELIGIBLE PROPERTY TYPES

Gas Stations

Salvage Yards

Farmland/Rural Properties

Vacant Lots

Manufacturing/Industrial Properties

Dry Cleaners (drop off/pick up considered)

Condo Hotels

Cooperatives

Manufacturing Housing/Mobile Homes

Assisted Living Facilities

Bar/Restaurants (Free Standing)

PROPERTY TYPES

MAX LTV & DSCR

OWNER OCCUPIED/NON-OWNER OCCUPIED

Single Family Residence (additional collateral only)
70/65
2-4 unit property
70/65
5-9 unit property
70/65
10-25 unit property
70/65
Motel/Hotel
60 + 50 BPS
Mixed Use (1 commcl & 1-4 unit resi)
70/65
Mixed Use (commerical & residential)
70/65
Professional Office Space
70/65
Retail Store (Free/Strip Standing)
60
Mobile Home Park
60
Office/Warehouse
55 + 65 BPS
Church/House of Worship
60
Garage/Storage
50 + 150 BPS + Primary Residence
Small Commercial
60
Recreational Properties
50
Auto Repair/Auto Body
55 + 75 BPS
UNDERWRITING DOCUMENTS REQUIRED
Summary Sheet, Credit Report, Completed 1003 Application
PROGRAM A5
COMMERCIAL LOANS
LOAN AMOUNT
Minimum: $25,000
Maximum: $350,000
LOAN TERM
5 Years – 25 Years
RATE
Fixed Rate
PREPAYMENT PENALTY
5% Months 1-12; 4% Months 13-24; 3% Months 25-36;
2% Months 37-48; 1% Months 49-60
PERSONAL GUARANTEES
Personal guarantees are required on all loans.
ADDITIONAL COLLATERAL
As Needed
MAXIMUM COMBINED LOAN TO VALUE
CLTV’s considered up to 65% on a case by case basis
MINIMUM PROPERTY VALUE
$75,000
LIEN POSITION
First liens on primary collateral
OCCUPANCY
Owner Occupied
Non-Owner Occupied (Case by Case)
CASH OUT REFINANCES
Maximum cash to borrower is $75,000
CREDIT QUALITY MORTGAGE
Mortgage must be rated at least 24 month.
Mortgage rate sporadic 30, 60, 90 day case by case.
CREDIT QUALITY CONSUMER CREDIT
Case by case, writen credit explanation required at time of application.
CHARGE OFFS/ COLLECTIONS/ BANKRUPTCIES
Charge offs are allowed in the prior 12 month period.
Bankruptcies must be discharged.
FINANCIAL REVIEW
3 primary business/trade references may be required. The existense of the business for at least 3 years must be documented. Business tax returns for the past 2 years required.
RESTRICTIONS
Corporate or business losses cannot exceed 5% of gross sales. No start up ventures.
APPRAISALS
An Apex obtained appraisal is required on all properties.
ENVIRONMENTAL
All loans must have an environmental questionnaire completed.
All loans require the payment of an Environmental Processing Fee of $500-$1,500.
AGE OF DOCUMENTATION

Credit documents cannot be more than 90 days old.

Appraisals must be less than 60 days old at the time of closing.

ELIGIBLE PROPERTY TYPES
See attched LTV list
INELIGIBLE PROPERTY TYPES
Gas Stations
Salvage Yards
Farmland/Rural Properties
Vacant Lots
Manufacturing/Industrial Properties
Dry Cleaners (drop off/pick up considered)
Condo Hotels
Cooperatives
Manufacturing Housing/Mobile Homes
Assisted Living Facilities
Bar/Restaurants
PROPERTY TYPES
MAX LTV
Single Family Residence (additional collateral only)
65
2-4 unit property
65
5-9 unit property
60
7-12 unit property
60
Mixed Use (1 commcl & 1-4 unit resi)
65
Mixed Use (commerical & residential)
60
Professional Office Space
60
Retail Store (Free/Strip Standing)
55
Office/Warehouse
50
Garage/Storage
50
Motel/Hotel
55
Auto Body/Auto Repair
50 + 100 BPS + Primary Residence
Small Commercial
55
UNDERWRITING DOCUMENTS REQUIRED
Summary Sheet, Credit Report, Completed 1003 Application

Property Type

Apartment Building MortgagesAPEX specializes in apartment building mortgages and will consider offering apartment buildings mortgages up to 70% LTV. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. APEX will consider both owner occupied and investment properties when it comes to apartment building mortgages.

Mixed Use Property MortgagesAPEX will consider a mixed-use building mortgage up to 70% LTV. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. APEX will consider both owner occupied and investment, when it comes to a mixed-use building mortgage.

Retail MortgagesAPEX will consider buildings up to 70% LTV. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. APEX will consider both owner occupied and investment properties.

Warehouse & Office Building MortgagesAPEX will consider up to 60% LTV for all office building mortgages. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. APEX will consider both owner occupied and investment properties, when it comes to office building mortgages.

Salon MortgagesAPEX will consider day care mortgages, hair salon mortgages, and funeral home mortgages up to 65% LTV. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. APEX will consider both owner occupied and investment properties for all day care mortgages.

Auto Body ShopAPEX, a small commercial lender, will consider auto related properties up to 60% LTV. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. As a small commercial lender, APEX will consider owner occupied Auto related properties only.

Hotel & Motel MortgagesAPEX will consider hotels and motels up to 60% LTV. Final LTV’s and rates are determined by experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate. APEX will consider both owner occupied and investment properties.