Fitting a Square Peg
Into A Round Hole

A free standing home on fee simple or leasehold land. This includes Planned Unit developments, a form of common interest subdivisions. Permanent Construction loans are available.

Common-interest ownership consists of a parcel of land together with all the buildings and improvements (e.g. homes, recreational facilities, and common area improvements) that have been constructed upon that land. While there are many different ways of dividing the ownership, common-interest subdivisions generally include:

1. Individual ownership of an interest, unit, housing lot or space.
2. Ownership in common with others in the recreational facilities and green belts.
3. Some form of an association to collect proportionate shares of the common-interest’s expenses, and to disburse the same for upkeep, reserves and services rendered.

We all work with the major forms of common-interest ownership every day. Planned unit developments (PUDs), which combine individual lot ownership with areas owned in common with the other lot owners. Normally these are recreational facilities and private streets. The condominium is another major form of common-interest ownership. A condominium is an estate in real property in which one holds a separate fee title to the airspace in a unit and an undivided interest in common with the other owners to the common areas.

An estate in real property in which one holds a separate fee title to the airspace in a unit and an undivided interest in common to the common areas. A form of common interest subdivision.

Planned unit developments (PUDs) combine individual lot ownership with areas owned in common with the other lot owners. Normally these are recreational facilities and private streets. A form of common interest subdivision.

Under the Single Family Residence category, this would refer to an individual lot for the development of a single family home. In the Commercial category, mapped land zones for commercial or apartment complexes of 5 or more units.

Apartments house loans are broken down into two categories, 2-4 units and 5+ units.

Any building or parcel that carries a commercial zoning. From a single unit, mixed use (Residential & Commercial) to a major shopping center or office complex.

A loan made to a Homeowners Association secured by the Association's right to assess.

Fixed rate loans have a fixed interest rate over the life of the loan, e.g. 15-30 years. They are broken into three basic categories:

1. Conforming, up to $484,350;
2. High Balance Conforming up to $726,525 (maximum loan amount is determined county by county); and
3. Jumbo, anything in excess of $726,525.

Conforming interest rates are generally lower than High Balance and Jumbo and require complete income, asset and credit documentation. It should be noted that conforming loan amounts can be funded on Jumbo pricing according to the Jumbo loan's underwriting guidelines. Loan limits vary by county.

Some fixed rate programs are available with an initial interest only period, usually 5-10 years. After the interest only period, the loan re-amortizes over the remaining term of the loan.

Variable rate loans provide terms where in the interest rate/payment can adjust at predetermined intervals over the life of the loan. There are always rate adjustment caps, which provide limitations that protect the borrower from excessive payment adjustments.Traditional variable rate loans have a variety of introductory periods ranging from 1 month to 10 years. Interest only ARM programs are available. Generally speaking, the interest only period corresponds with the introductory rate period, and then is amortized over the remaining term of the loan.

Variable rate loans are generally written with a term of 30 years.

Product range from $300,000 - $5,000,000 and up to $20,000,000 on a case by case basis. Underwriting Features include:

• Will consider exceptions for borrowers with prior short sales or foreclosures.
• Asset depletion underwriting to create additional qualifying income.
• Bank Statements 12-24 months to determine income.
• Pledged assets in lieu of down payment up to 90% LTV.
• Exclude K-1 losses (case by case) and loss carry forwards.
• Allow Capital Gain income.
• Business funds for down payment and reserves.
• Will use rental income without 30% equity.
• Alimony and child support can be applied as income reduction not debt.
• Equity recovery with no waiting period.
• No limit to the number of properties owned.
• No maximum cash out limit but must meet LTV guidelines.
• Departing residence listed but not sold: will not use PITI in DTI.
• Departing residence retained 75% of Lease/Market rent to offset DTI.
• Non-Permanent Residents, has work Visa and SSN.
• Foreign Nationals, no work Visa or SSN to 60% LTV.
• Vest Title in Entities, Irrevocable and Blind Trusts.
• Leasehold Estates.
• Cash flow only on rental properties.

Property Types Include:

• Unlimited acreage.
• Beach front and on slopes.
• Hobby Farms including orchards and vineyards.
• Commercial properties.

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