What makes a commercial loan request become a Subprime loan?
Somewhere in your loan request is a fact or issue that a Prime Commercial Lender does not like. It could be one or all of the following: • PROPERTY: The property is older, has deferred maintenance, tenant and rental income issues, owner-user concerns, remaining economic life, property usage or the non-conforming zoning of the property, etc. • BORROWER: Insufficient income or assets or insufficient net worth, etc. • CREDIT: Bad credit from bankruptcy to tax liens to judgments to low FICO scores, etc. • DOCUMENTATION: Your borrower cant provide income, asset, down payment, bank statements, etc and you need to go No Income Doc or Stated Income Doc.
