Multifamily
/ Commercial - From $200,000 to $999,999
Available Nationwide for Purchase, Refinance & Cash-out
Fully amortized – No Balloon Payment!
Quick closings, typically
within 30-45 days
Multifamily & Mixed
Use |
| |
|
|
|
|
| |
LTV |
15 Yr Term |
20 Yr Term |
30 Yr Term |
| 6-Month
Adjustable* |
70 |
4.375% |
4.500% |
4.875% |
| |
75 |
4.625% |
4.750% |
5.125% |
| |
80 |
4.875% |
5.000% |
5.375% |
| 2-Year Fixed* |
70 |
6.250% |
6.375% |
6.750% |
| |
75 |
6.500% |
6.625% |
7.000% |
| |
80 |
6.750% |
6.875% |
7.250% |
| 3-Year Fixed |
70 |
7.500% |
7.625% |
8.000% |
| |
75 |
7.750% |
7.875% |
8.250% |
| |
80 |
8.000% |
8.125% |
8.500% |
| 7-Year Fixed |
70 |
8.500% |
8.625% |
9.000% |
| |
75 |
8.750% |
8.875% |
9.250% |
| |
80 |
9.000% |
9.125% |
9.500% |
| Full Term
Fixed |
70 |
8.875% |
9.000% |
9.375% |
| |
75 |
9.125% |
9.250% |
9.625% |
| |
80 |
9.375% |
9.500% |
9.875% |
|
|
|
|
|
Commercial
|
| |
|
|
|
|
| |
LTV |
15 Yr Term |
20 Yr Term |
30 Yr Term |
| 6-Month Adjustable* |
65 |
4.625% |
4.750% |
5.125% |
| |
70 |
4.875% |
5.000% |
5.375% |
| |
75 |
5.125% |
5.250% |
5.625% |
| 2-Year Fixed* |
65 |
6.500% |
6.625% |
7.000% |
| |
70 |
6.750% |
6.875% |
7.250% |
| |
75 |
7.000% |
7.125% |
7.500% |
| 3-Year Fixed |
65 |
7.750% |
7.875% |
8.250% |
| |
70 |
8.000% |
8.125% |
8.500% |
| |
75 |
8.250% |
8.375% |
8.750% |
| 7-Year Fixed |
65 |
8.750% |
8.875% |
9.250% |
| |
70 |
9.000% |
9.125% |
9.500% |
| |
75 |
9.250% |
9.375% |
9.750% |
| Full Term Fixed |
65 |
9.125% |
9.250% |
9.625% |
| |
70 |
9.375% |
9.500% |
9.875% |
| |
75 |
9.625% |
9.750% |
10.125% |
|
|
|
|
|
6-Month Adjustable and 2-Year Fixed Rate
may be reduced by an additional 0.25% with 3-year lock-out option.
ELIGIBLE
PROPERTY TYPES:
Multifamily pricing available for existing apartments and mixed use
properties (where at least 50% of the gross income is from multifamily
units).
Commercial pricing available for existing office, retail, warehouse,
mobile home park, light industrial, and self- storage properties.
INELIGIBLE
PROPERTY TYPES:
Gas stations, lube centers, convenience stores, nursing homes, hotels
and other hospitality properties, heavy industrial, mechanic shops,
churches, ranches/agricultural, raw land. Construction, interim, and
rehab deals are not eligible.
Program
Details
Credit Qualifications
For the Primary Borrower, the middle score must be 680+, low score
must be 640+.
For the Co-Borrower, the middle score must be 580 to be on the
application, must be 640 for income to be included in underwriting.
Any credit under 580 is not acceptable.
Credit less than 680 for principle borrower may qualify at higher
rates.
Guarantee / Recourse
All loans are full recourse to the borrower. Personal guarantees
are mandatory for all eligible borrowers including individuals,
corporations, partnerships, limited partnerships, limited liability
companies, and certain trusts.
Rate Lock
Automatic (free) rate locks on the 6 month adjustable, 2 yr and
3 yr terms.
Optional rate locks on the 7 yr hybrid and the fixed rate programs;
$1,000 lock fee due at the time the Term Letter is signed and returned.
Lock fee will be credited back to borrower at closing. 1/8% rate
and margin increase with rate lock option (7 yr hybrid and fixed
rate program only).
Prepayment Penalties
6-month adjustable, 2, 3, and 7 yr hybrid: 5% for the first 5 years
Fixed rate programs: 10%, declining 1% per year for 10 years.
Prepayment may be waived after two years in case of property sale
(excluding 6-month adjustable and 2-year hybrid rate plans). This
option will require a ¼% increase in the rate and margin.
3-year Lockout option is available on the 6-month adjustable and
2-year hybrid loan program. If selected, the rate will be decreased ¼%.
Caps/Floors
Periodic Cap for the 2, 3, & 7 yr programs is 2% for the initial
reset and 1.5% thereafter. Periodic Cap for the 6-month adjustable
program is 1.50%. Life Cap on all programs equal to the initial
fully indexed rate plus 6.0%. Life Floor on all loans equal to
the start rate.
Assumability
Loans may be assumed for a 1% fee; requires lender approval.
Escrows
Escrows for taxes and insurance are required.
Subordinate Financing (second lien)
A second lien from seller (or other private party) is allowed.
Up to 95% Combined Loan-To-Value (CLTV) on multifamily and mixed-use,
and up up to 90% CLTV on commercial properties. With the addition
of a second lien, rate and margin of the first lien will increase
by 1%; first lien max LTV will decrease by 5%. Minimum term for
the second lien is 5 years.
Seasoning/Cashout Requirements
No seasoning requirements. Unlimited cashout is permitted up to
maximum LTV.
Borrower Costs
$1,500 Application Fee plus Third Party Deposit due with term letter.
Lender will order appraisal (no exceptions). Origination fee,
environmental insurance, survey, title insurance and $2,250 legal/processing
fee due at closing.
All information presented on this page is subject to change without
notice.
