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Citadel Servicing is the Nation’s premier Non-Prime Lender. We focus on borrowers who don’t fit the traditional mold of Conventional or FHA lending guidelines. At Citadel we realize not everyone has perfect credit and we understand life happens. Additionally, not everyone can document their income in the narrow definition that government loans allow. Citadel allows borrowers with a rougher than usual credit history to qualify for loans with terms that are fair and meet government lending criteria for ability-to-repay and government fee limitations.
Here are some of our guidelines:
- Loan Amounts: $100,000 to $5,000,000
- Lending Areas: AL, CA, CT, CO, DC, FL, GA, IL, KS, MD, MT, NC, NJ, OR, PA, SC, TN, VA, WA, WI
- Loan Types: Purchase, Refinance, Equity Cash Out
- Property Types: 1-4 units Residential, mixed-use and up to 35 units
- LTV (loan-to-value): Up to 90% for owner-occupied, up to 75% for investment property
- Interest Rates: 4.625% to 9.25% *
- Origination Fee: 1 to 2.5 points
- Loan Term: 60 to 360 months
- Lien Position: 1st only
Owner-Occupied Home Refinance or Purchase
- Loan Amounts: Up to $5,000,000
- Credit Score: 500 and below OK
- DTI (debt-to-income ratio): 50% maximum
- LTV (loan-to-value): Up to 90%, no mortgage insurance
- No Foreclosure, Short Sale or BK Seasoning
- Two years from Short Sale to 90% LTV
- One year from Short Sale to 85% LTV
- Bank Statements for Income to 90% LTV
- ATR-In-Full & Asset Depletion No Income
- One Month Bank Statement Program
- VOE only Program for W2 borrowers
- 1yr Income programs
Non-Owner Occupied Refinance or Purchase
- Loan Amounts: Up to $5,000,000
- Loan Purpose: Investment or business
- LTV (loan-to-value): Up to 75%
- Stated Income
- No Reserves
- Interest Only payment available
- No Pre Payment Penalties
- Foreign Nation Lending programs STATED
- Non-Owner Business purpose loans (No TRID)
* Interest Rates and Fees
- Scenario 1
- Rate 4.875%
- Loan Amount $200,000
- Amortized of 30 Years
- Fees $3195.00 (1 point + $1195.00)
- APR – 5.016%
- Scenario 2
- Rate 9.25%
- Loan Amount $200,000
- Amortized of 30 Years
- Fees $4,195.00 (2 point + $1,195.00)
- APR – 9.492%
Property Geographic Area Details
We lend in 21 states: CA, CO, CT, DC, FL, GA, IL, IN, KS, MI, MN, MT, NJ, NC, OR, PA, TN, UT, VA, WA, WI
Loan Amounts
$100,000 to $5,000,000
Interest Rates
4.625% to 9.25%
Max Loan-To-Value
90%
Max Loan-To-Cost
90%
Origination Fees
1% to 2.5%
Loan Terms
60 months to 360 months
Lien Position
- 1st
Loan Purpose
- Investment Acquisition
- Investment Refinance
- Improve Subject Property
- Use Equity to Invest in Another Property
- Primary Residence Purchase
- Personal Use
Property Occupancy
- Vacant
- Tenant Occupied 100%
- Tenant Occupied Partial
- Owner Occupied Commercial
- Owner Occupied Residential
Minimum Occupancy Percentage
30%
Property Types and Loan Types
Collateral Types
- Residential Property
Property Types
- 2-4 Units Residential
- Adult Day Care
- Assisted Living Facility
- Bed and Breakfast
- Condominium
- Manufactured Home
- Mixed-Use
- Multifamily
- Single Family Residence
Loan Types
Specialty Loan Types
- Residential Long-Term Rental
- Residential Non-Prime
Purchase Loan
Max Loan-To-Purchase Price
0%Borrower Must Have Property Under Contract
yesWill Provide Proof of Funds Letter
noWill Consider Lending on Purchase from Auction
noAllowed Source of Borrower’s Equity
- Own Cash
- Seller Financing
- Family
Details and Requirements
Typical Closing Time (Days)
30Fastest Closing Time (Days)
15Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
- Amortized
Pre Payment Penalty
no
Will lend to a foreign national
yes
• Up to $5 mil loan amounts • 2nd home & non-owner occupied 1 - 35 unit properties • No income verification • No reserves • 75% LTV • Passport only to qualify • International credit report or letter of good standing with current financial institution • No pre-payment penalties • 5yr & 7yr ARM - 30 year amortized payment • Interest only availableWill Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
noWill Consider Collateralizing Multiple Properties in One Loan
yesWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- Individual(s)
- LLC
- Trust
Documentation Required
- Credit Report
- Tax Returns
- Bank Statements
- Financial Statements
- Loan Application
Personal Guaranty (Recourse) Required
AlwaysCredit Check Required
yesMinimum Credit Score Required
500Credit Check Description
Will entertain credit scores under 500 with Sr. management approvalAppraisal Required for Residential Property
AlwaysBroker Price Opinion (BPO) Accepted for Residential Property
NeverFees
Underwriting Fee
$995.00 to $1,295.00
Fees which are charged upfront prior to loan closing
- Appraisal Fee
Fees which are paid to a third party company
- Appraisal Fee
Legal Disclaimer
Citadel Servicing Corporation is licensed through the California Bureau of Real Estate (BRE) and the Department of Business Oversight (DBO). BRE license #01799059, NMLS ID #144549, DBO license #41DBO-74196
Citadel Servicing Corporation is licensed by the National Mortgage Licensing System & Registry (“NMLS”) including 38 states nationwide. We specialize in Non-Prime loans for residential properties on both an owner occupied and non-owner occupied basis. We have a range of products and services geared toward helping people with their purchase and investment goals. Our products include fixed and adjustable rate mortgages (ARMs).
Citadel Servicing Corporation (“CSC”) was formed in 2003 as a sister company to First Street Financial, Inc. (“FSFI”). FSFI was a top 20 subprime originator and top three hard money originator by volume through 2007. FSFI ceased operations and was shuttered in June of that year. CSC continued to thrive and in September 2007 partnered with a distressed asset fund purchasing whole loans on the scratch and dent secondary market.
License
NMLS ID #144549, CalDRE #01799059, CA CBO #41DBO-74196
Year Established
2003
Office Locations
15707 Rockfield Boulevard, Suite 320, Irvine, California 92603Primary Capital Source
- Own Funds
Alternative Capital Sources
- Debt Fund We Manage
- Other Private Lending Companies
- Private Equity Funds
- Hedge Funds
Loan Structure for Majority of Loans
- Own Balance Sheet
Company’s Other Business Activities Besides Private Mortgage Lending
- Commercial Mortgage Banking
- Residential Mortgage Banking
Percentage of Loans Secured by Residential Property
100%
Percentage of Residential Property Loans Which are Owner-Occupied
80%