|
Provides
competitive, tiered pricing for acquisition or
refinance of multifamily projects, including
recently completed projects.
|
 |
 | MINIMUM
LOAN:
$5,000,000.00 |
|
| LOAN
TERM: Up
to 30 Years |
|
| AMORTIZATION:
Up to 30 Years -
Interest-only options also available |
|
| MINIMUM
DSCR: 1.25x |
|
| MAXIMUM
LTV: Case
by Case |
|
| INTEREST
RATE: Fixed |
|
| ELIGIBLE
PROPERTY TYPES:
Multifamily - minimum five
units |
|
| ELIGIBLE
BORROWER:
Single Asset Entity |
|
| OCCUPANCY
REQUIREMENT:
90% Physical Occupancy for 60
days at application 90 days at commitment |
|
| TAX
AND INSURANCE ESCROWS:
Monthly Deposits Required. May be waived if
certain criteria are met |
|
| REPLACEMENT
RESERVES:
Underwritten at a minimum of
$TBD per unit per annum - Monthly deposits
may be waived if certain criteria are met |
|
| RECOURSE:
Case by
Case. In Some Cases
Non-Recourse With Standard
Exceptions For Fraud and
Misrepresentation |
|
| COMMERCIAL
SPACE: Maximum
20% of net rentable area and maximum 20% of
effective gross income |
|
| REQUIRED
REPORTS:
Narrative MAI Appraisal,
Property Conditions Assessment and Phase I.
Others if applicable |
|
| PREPAYMENT:
Defeasance or Yield
Maintenance |
|
| ASSUMABLE:
Subject to Approval and Fee |
|
| SUBORDINATE
FINANCING:
Mezzanine allowed subject to
approval |
|
| SUPPLEMENTAL
LOANS: Eligible
for secondary financing after 12 months |
|
| PRICING:
Tiered Pricing Matrix. More
favorable terms available for higher DSC and
lower LTV |
|
| RATE
LOCK: Standard
10 day rate lock period. Extended rate lock
options available |
|
| CLOSING
COSTS: Deposit
required for third party reports, processing
costs, title and legal. Travel and other
standard costs if an when applicable |
|
| ORIGINATION
FEE: From
PAR to 3%. (In Addition to Closing Costs) |
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| Above
terms or program
availability may change without prior notice
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