JEBENA, INC Stated Income Loan Program provides competitive commercial financing for borrowers requiring a reduced document or stated income option.

The Stated Income Apartment Loan Program does not require personal or business tax returns, personal financial statements, and has no monthly or annual reporting requirements. Please Note: The subject property must cash flow at a minimum DSCR of 1.25x. Appraisal rents are used to qualify income. Subject property rent roll and income and expense statements are required. No documentation don’t required any document at all, no job, no income information, you just need 680 mid score in up.

●   No personal or business income tax returns required
●   Personal financial statements required.
●   No balloon or call provisions - Up to ten year fixed rates
●   Up to 80% to 55% financing for good credit borrowers - Good property condition equired
●   Minimal fee structure for JEBENA, INC with the lender’s fee approval.

Stated Income Apartment Loan Program Overview

Stated Income Apartment Loans are available for loan sizes starting at $500,000. For conventional apartment loan sizes above $500,000, or for borrowers that can provide tax returns, JEBENA, INC recommends borrowers first apply through the http://www.commercialbanc.com/banc-series-apartment-loans.htm lapplication system.

• Stated Income Apartment Loans Form $500,000 - No Maximum
  
• 15, 20, 25, 30 Year Amortizations
• Up to 80% to 55% LTV*
• Flexible Prepayment Penalty
• Yield Maintenance or Step Down
• Impounds: Tax and Insurance
• No Personal Tax Returns
• Personal Financial Statement Req
• Up to 10 Year Fixed Rates
• Purchase or Acquisition
• Appraisal Rents Qualify Income Subject Property Rent Roll Required Subject Property I/E Required
• Standard PI Payment
• No Business Tax Returns
• Annual Reporting Req
• Streamline Loan Process
• 680 Minimum Credit Score
• Monthly or Annual Leases OK
• Extremely Fast Closings
• Subordinate Financing Not Allowed
• Section 8 - Subsidized Rents OK
• Interest Rate Floor: Initial Start Rate Margin: 325 BPS 6 Month LIBOR CAPS: 1/5/6
• Property management experience required
• Minimum seasoning requirements on refinances
• Available on 5 + unit multifamily properties and mixed-use properties with less than 25% of commercial usage

Eligible Property Types and Description

Multifamily and building:  Structures containing five or more dwelling units with common area facilities such as entrances, lobby, elevator, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis such that tenants consider their unit their permanent residence.

Mixed-Use:  Mixed-use properties must contain at least one commercial unit (retail, office, etc.) and at least one residential unit. To be considered mixed-use multifamily, the primary use must be residential. If the predominant use is non-residential, rate and term will change, reflecting a commercial designation.

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