At Apex we are asked many questions from mortgage brokers but the most common question I get is “What is Apex’s sweet spot for loans?”

It is not so much the property type but more the borrower.  We lend to borrowers who are unable to qualify for bank financing.  The situation may be due to the borrower being self-employed and not showing enough income on tax returns to qualify for a bank loan or borrowers that have been turned down due to their credit scores.  Most of our borrowers have credit score above 650 but we will look at credit scores as low as 600.  A borrower who can’t qualify for a bank loan is the perfect Apex customer because we are more flexible. Though Apex’s rates are 3% or more above typical Bank rates, we are well below “hard money” rates.  When a borrower needs a faster closing than what a bank can offer, Apex can close their loan within two to four weeks without the fees that a hard money lender will charge.

It is important that your borrower has an explanation when their credit score is below the acceptable FNMA level.  This helps our underwriter understand the borrower’s situation so we can best structure an offer, for you the broker to present to the borrower.

On the other hand, the self-employed borrower has usually been to several banks and been turned down because their tax returns don’t show the income to pay back the loan.  Apex knows that many of these borrowers don’t declare all of their income, so we developed our own method of getting comfortable that the borrower can pay back our loan.  Once a borrower is rejected by a few banks interest rate isn’t as important issue when bank rates are not available.  Apex offers the next best solution.  Anytime a borrower states that they should have bank rates the question   back to the borrower “What is the reason the bank turned your loan request down?”  If the reason is income, credit or anything else, you need alternatives.  Apex prides itself on fitting between Banks and Hard Money Lenders.

Apex lends on a variety of commercial properties including: Multi-Family, Mixed-Use, Retail, Office, Auto Repair, Day Care, Funeral Homes, Beauty Shops, etc.  However we don’t lend on raw land, construction, assisted living, restaurants, bars, or gas stations (although we will lend on auto repair or auto body shops)

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