We got rid of the declining pre-pay on the long term fixed loan, boosted our max loan amount to $1.5M, offering 85% LTV with A- credit, giving a reduction for lower LTV deals with A credit and good DSCR, giving 80% 30 amortizations on Tier 3 properties, and 75% 30yr ams on Tier 4 properties. No defeasance, no yield maintenance, I believe it is a straight forward program. We are not built for the buy/fix/flip 6 months later borrower, our focus is on moderate long term positive cash flow investors that may way to purchase more than one property, thus the 10% down. When our brokers understand the products, the market to the correct investors, the results are very good. When we see a borrower that is only hunting for the best rate and does not look at the entire scenario, we watch lots of train wrecks occur.
