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below for information pertaining to loans $1,000,000 and up» Debt Financing » Equity Financing » Bridge Loans » Mezzanine Loans » Construction Loans » Property Types » Capital Sources » Underwriting » Capital Structures Loan Programs under $1,000,000» Multi-Family/Stated Income » Multi-Family/Commercial » Apartment Program Broker
Program» Information for Brokers |
| Multifamily
/ Commercial - Stated Income Program 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 Click
here for Current Rates (Opens New Window)Program Details Ineligible Property Types Gas stations, nursing homes, assisted living centers, churches, adult entertainment, ranches/agricultural, raw land. Construction, interim, and rehab deals are not eligible. 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. Debt Service Coverage Ratio (DSCR) Property must debt service a minimum of 1.20x. Owner Occupied properties will be evaluated based on market rentability. Prepayment Penalties 2 year lockout & 5% prepayment penalty for 5 years on 15-year amortization 3 year lockout & 5% prepayment penalty for 6 years on 20-year amortization Caps/Floors 1-Year ARM – 2% annual caps, 6% lifetime cap 2 & 5 year fixed – 1% every 6 months, 6% lifetime cap. Life Floor on all loans equal to the start rate. Assumability Loans may be assumed for a 2% 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 90% combined loan-to-value (CLTV). Minimum term for the second lien is 5 years. 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 $1,750 legal/processing fee due at closing. Seasoning Requirements No seasoning requirements. Maximum of one ownership transfer in last 2 years. Cash-out may reduce LTV by 10%. All information presented on this page is subject to change without notice. |