CREFCOA Stated Income Apartment Loans

The only true stated income apartment loan where no documentation is required is a hard equity loan where the value of the property is considered the primary source of repayment. For all other loan programs that are considered "stated income," the subject property's net operating income is considered the source of repayment for the loan.

CREFCOA will look to verify the property's ability to service the new loan payments by obtaining the following documents for the subject property.

• Two most recent years income and expense statements
• Year-to-date income and expense statement
• 12-month operating budget for recently stabilized properties
• Current rent roll
• Sampling of leases
• Tax bill
• Appraisal

While personal and/or business tax returns aren’t required for our stated income programs, as part of our underwriting diligence, CREFCOA requires the following diligence from the sponsors or key principals.

• Personal financial statement
• Schedule of real estate owned
• Resume or narrative describing sponsors experience related to multifamily housing
• Bank statements to verify liquidity
• Credit report

A personal financial statement is required to verify the sponsor has the financial capacity to meet any required liquidity and net worth requirements. We also look at a sponsor's contingent liabilities and if any of their other properties have a negative cash flow. If the sponsor has a negatively cash flowing property, tax returns may be required to demonstrate if the sponsor can adequately supplement the property's income to service the debt - thereby avoiding a potential future default.

CREFCOA provides apartment loans for borrowers without the requirement of personal and business tax returns under several different program options, including, some of our Banc Series, Fannie Mae, Freddie Mac and CMBS Conduit apartment loan programs.

Contact a CREFCOA Apartment Loan Specialist at 1-844-359-6413 to discuss your specific needs and see if we can customize a program to meet your individual needs and constraints. Or request a custom quote and your assigned loan specialist will contact you with available apartment financing options.