MULTIFAMILY SMALL LOAN BALANCE 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 $250,000 - $2,000,000
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 Both non-recourse and recourse programs.
Assumability Assumable, subject to approval and applicable fees
Prepayment Have four options - call for details
Loan to Value 80% Acquisitions - 85% with Seller Financing
Up to 80% Cash Out on Refinances
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 Middle credit scores of 640 and over generally required.
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 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

MULTI FAMILY PROGRAMS

PROGRAM SUMMARY

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