MULTIFAMILY LARGE LOAN PROGRAM

Eligible Properties
  • Apartment Buildings (5 units or more)
  • Mixed Use (not to exceed 40% commercial)
  • Student Housing
  • Blanket Mortgages
  • Ground Leases
  • HAP Contract/Section 8 Housing
Borrower Individuals, corporations, revocable trusts, partnerships, maximum 2 member LLC (no sub entities).
Loan Benefits
  • Low interest rates
  • 10 - 30 year fixed rates
  • Low third party costs
  • Can underwrite with 3 months stabilized income
  • Interest only option available
  • Low debt coverage ratio options available (for low cap rate markets)
Loan Amount $2,000,000 - No Maximum Amount
Loan Term 6 month, 3, 5, 7, 10, and 30 year terms available. Up to 40 years.
Interest Rate Determined by market rates at the time of rate lock. Rates vary by loan-to-value ratio, debt service coverage and property quality.
Amortization 30 years.
Recourses Non-recourse
Assumability Assumable, subject to approval and applicable fees
Prepayment Decling based on loan term or Yield Maintenance.
Loan to Value Up to 80% of Refinances and Acquisitions
Up to 85% with Seller Financing
Up to 85% LTV on deals over $3,000,000
Up to 90% LTV on amounts over $5,000,000 on strong cash flow deals
Debt Coverage Ratio 1.15 Purchase, 1.20 Refinance, .90 for low cap rate markets*
Seasoning Cash out - 3 to 12 months required, up to 90% of orig. purchase price
Secondary Financing Properties may be eligible after one year for second mortgage offered by lender up to 80%.
Credit Requirement Good credit, scores over 620. Liquid Assets greater than or equal to 6 months principal and interest payments.
Rate Lock Early or standard rate locks available.
Third Party Reports $5,000 - $10,000 deposit typically required for appraisal, environmental, and property inspection.
Impounds Taxes and Insurance typically required.
Loan Request Package

Include the following in your request for a loan quote:

1. Completed FNMA 1003 Uniform Residential Loan Application or Personal Financial Statement.
2. Current Rent Roll
3. YTD Operating Statement
4. Past two years financial statements on property
5. Copy of Purchase and Sales Agreement (if applicable)
6. Digital Photos of Property
7. Personal financial statements on Principal(s)

MULTI FAMILY PROGRAMS

PROGRAM SUMMARY

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