AFS is a direct commercial lender who helps borrowers who are unable to qualify for bank financing due to being self-employed, have low credit scores, need to pay off tax liens, etc. A borrower who can’t qualify for a bank loan is the perfect AFS customer because we are more flexible. Though AFS 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, AFS can close their loan within two to four weeks without the fees that a hard money lender will charge.
Loan Amounts: $25,000 to $1,000,000
Property types: Multi-Family, Mixed-Use, Retail, Office, Auto Repair, Day Care, Funeral Homes, Beauty Shops, Motels/Hotels, Warehouse, Mobile Home Parks, Campgrounds, Churches, Self-Storage, Dry Cleaner (Drop off only), Recreational properties
LTV: Maximum LTV is 70%.
Credit Scores: 600 Minimum FICO Scores.
Closings: Three to four weeks
Rates: Fixed Rates ranging from 8.5% to 12%. Interest Only rates start at 12.00% and No prepay.
Points: AFS charges 1 to 3 lender point on traditional loans for Closing, depending on size.
Fees: AFS charges a $300 application fee.
Prepay: Declining 5%-4%-3%-2%-1% Prepay Penalty
States: AFS lends in 42 states except for Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont and
West Virginia.
Ineligible Properties: Raw land, construction, or gas stations (although we will lend on auto repair/auto body shops)