The Northstar Funding Advantage

• No State Restrictions.
  • We can lend on co-ops, non-warrantable condos and condotels in all 50 states
• Loan sizes from $100,000 – $3,000,000 allowed*
• Up to 80% LTV for owner occupied and 2nd homes**
• 75% LTV cash out for owner occupied and 2nd homes with up to $1.5mm cash in hand
• Investment properties allowed at up to 60% LTV
• Northstar Funding allows up to 10 financed units and 15 total REO including cash out loans
• Limited review of the co-op or condo
• Review of Northstar Funding Co-op/Condo Certificate and the HOA master insurance policy required
• Same building comps preferred
• Only one appraisal required regardless of loan amount
• Broker or borrower’s attorney can be used for closing and title work
• Only one stock certificate, one lease and one security instrument typically needed for Co-ops
• All specialty programs can be used in conjunction with Co-ops, Non-warrantable Condos and Condotels:
  • Asset Depletion
  • Work Visa/Expat
  • No Credit / Limited Credit
  • Foreign National
  • NOO cash out
• Up to 6% seller’s concessions allowed for closing costs including upfront/advance HOA dues
• Two week rush closings available – think of us if a loan has fallen out through a conventional source

*75k on a case by case basis with additional rate adjustments **75% LTV max for condotels

Points to Remember

• Minimum unit size: 500 ft2
• Must have a full kitchen and a separate bedroom
  • No studios allowed
• Large flip tax allowed case by case
• Deed restrictions allowed case by case on subject property
  • Black out dates are not allowed
• No pending litigation involving structural or construction items allowed
  • Litigation for other reasons can be reviewed case by case, typically at a reduced LTV
• Low HOA reserves allowed case by case – call your AE for details
• Must have 100% replacement coverage or agreed amount endorsement if coinsurance is present

Rate Adjustment and LTV Limits

Pricing example: Add 1.00% to the rate for the co-op and non-warrantable condo/ co-op program or 1.25% for condotel plus lender paid comp if applicable and any occupancy adjustments.

ARM Product Features

• Max DTI 43%
• 80% LTV up to $1 million loan amount with reduced LTVs up to $3 million
• 30 year amortization
• No prepayment penalty
• 2/2/6 caps, 1-year CMT Index, 3.0% Margin, Floor = Note Rate
• Qualify at the start rate on 7/1, 2% over on the 5/1 and 6% over on the 3/1
• Escrows required