Nextres Commercial

Basic information

QM program

N/A

Loss payee

Nextres, LLC ISAOA/ATIMA 12 Penns Trail, Suite 138, Newtown, PA 18940

CPL or subordinate clause

CPL Nextres, LLC ISAOA/ATIMA 12 Penns Trail, Suite 138, Newtown, PA 18940

Lock policies & fees

Lock policies

Lock extension

Extensions may be requested after the loan is locked and prior to the expiration of the lock. If additional time is needed, the extension request must be requested prior to the expiration date of the lock and the loan will be repriced accordingly. • All extension requests are processed in the Pricing Playground in the Review and Lock screen. All programs may be extended a maximum of fifteen days. Refer to the rate sheets for extension costs.

Relock

• Worse case pricing will apply with a relock fee of 12.5 bps on cancelled and expired locks and will include previous extension costs. • A loan may be relocked only once.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Nextres is a business purpose lender that offers DSCR, Bridge, Rehab, & Ground Up Construction loans in all 50 states for brokers and table funders only.

We work with new investors and credit scores as low as 500 on various products.

Our loan amounts range from 300k to 10m with a focus on higher loan amounts but grant exceptions for lower loan amounts on a case by case basis.

We offer unique products and white glove service with a product line that is suited for individuals with either little or no other options.

DSCR
Fico down to 600 for up to 4 units
Fico down to 625 for no ratio
Fico down to 700 for 5 to 8 units
FTHB / FTI allowed
Up to 3.5m for up to 5 units
Up to 2m for 5 to 8 units
ITIN / Foreign National/ Rural OK
Prepay 1 to 5 years

Bridge
Fico down to 500 for up to 4 units
Fico down to 620 for 5 to 100 units
FTHB / FTI allowed
Up to 10m
ITIN / Foreign National/ Rural OK
Properties in foreclosure
Properties that are mid construction
No prepayment penalty

Rehab
Fico down to 500 for up to 4 units
Fico down to 620 for 5 to 100 units
FTHB / FTI allowed
Up to 10m
ITIN / Foreign National OK
Rural 1 to 4 units OK
No prepayment penalty

Ground up Construction
Fico down to 650 Fico
Up to 4 units
FTI allowed
Up to 10m
ITIN / Foreign National OK
GC required with 3+ transactions within last 3 years
No prepayment penalty

Departing Residence Bridge:
Subject property must be listed (we will require a copy of the listing agreement)
LO must be NMLs licensed in that state
660 min Fico
60% Max LTV
300k to 2.5m loan amount
Only available in AZ, CA, FL, CO, NJ, PA, OR, and NV
There is no ATR but Nextres will require employment information, income documentation & 3 most recent months of bank statements
13.49 rate with 1.5 points +$1995 UW fee
Brokers are capped at 1 point
12 month IO term w/ no prepayment penalty.

Why Nextres??

Direct access to UW
24 to 48 hour turn around times
2 to 3 week closings
Optional in house processing
Optional rush option for $500
Optional term sheet generator
User friendly portal
Live pricing updated daily

Allow lender credit to cover BPC.

Lender's overlays

N/A

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews