MULTIFAMILY SMALL LOAN BALANCE PROGRAM

Eligible Properties
  • Apartment Buildings (5 units or more)
  • Student Housing
  • Blanket Mortgages
  • Ground Leases
  • HAP Contract/Section 8 Housing
Borrower

Individuals, revocable trusts, maximum 2 member LLC (no sub entities).
Loan Features
  • Second mortgage that increases loan proceeds an additional 5%-10%.
  • Term same as primary mortgage.
  • One closing.
Loan Amount Minimum $5,000,000.
Loan Term Matches primary mortgage (7-15 years).
Amortization Matches primary mortgage (up to 30 years).
Recourses Non-recourse.
Assumability Assumable, subject to approval and applicable fees.
Prepayment Declining Prepayment Fee Schedule.
Loan to Value Increases loan proceeds up to 90% LTV.
Debt Coverage Ratio 1.07 combined.
Seasoning Cash out - 3 to 12 months required, up to 90% of orig. purchase price.
Rate Lock Early or standard rate locks available.
Third Party Reports $2,500 to $5,000 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.
2. Signed Rent Roll.
3. YTD Operating Statement.
4. Digital Photos of Property.

MULTI FAMILY PROGRAMS

PROGRAM SUMMARY

TOOLS