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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

90.00%

Max Loan-To-Cost

90.00%

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

yes

Will Provide Proof of Funds Letter

no

Will Consider Lending on Purchase from Auction

no

Allowed Source of Borrower’s Equity

  • Own Cash
  • Seller Financing
  • Family

Details and Requirements

Typical Closing Time (Days)

30

Fastest Closing Time (Days)

15

Works 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 available

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

no

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will 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

Always

Credit Check Required

yes

Minimum Credit Score Required

500

Credit Check Description

Will entertain credit scores under 500 with Sr. management approval

Appraisal Required for Residential Property

Always

Broker Price Opinion (BPO) Accepted for Residential Property

Never

Fees

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 92603

Primary 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%

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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(temp use, storage, billboard, parking, etc.)

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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how will the loan be paid off?

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