Stated Income Loans

The BRIC Stated Income Loan Program provides competitive financing for borrowers requiring a reduced document or stated income option.

BRIC specializes in small balance Mixed-Use business mortgages $500,000 and below. We will consider offering mortgages up to 70% LTV. Experience of the owner, length of ownership, cash flow, strength of credit, and strength of real estate determine final LTV’s and rates. BRIC will consider both owner occupied and investment properties when it comes to small balance funding.

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 1.25 xs. Appraisal rents are used to qualify income. Subject property rent roll and income and expense statements are required.

• 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% financing for good credit borrowers - Good property condition required

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, The Bric recommends borrowers first apply through The BRIC Small Balance Apartment Loan Program.

Stated Income Apartment Loans Form $500,000 - No Maximum

15, 20, 25, 30 Year Amortizations

Up to 10 Year Fixed Rates

	Up to 80% LTV*		Purchase or Acquisition
	Flexible Prepayment Penalty Yield Maintenance or Step Down		Appraisal Rents Qualify Income Subject Property Rent Roll Required Subject Property I/E Required

	Impounds: Tax and Insurance		Standard PI Payment
	No Personal Tax Returns		No Business Tax Returns

Personal Financial Statement Req

Annual Reporting Req

Streamline Loan Process

Extremely Fast Closings

680 Minimum Credit Score

Subordinate Financing Not Allowed

Monthly or Annual Leases OK

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

Small Multifamily: 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.

* Call us now! so we can structure a loan for you 1 (877) 354-1842