| Eligible Locations:
|
Most locations in Continental US; population of 50k or more MSA |
| Eligible
|
Existing 5+ unit apartment properties; mixed use also acceptable
Mobile Home Parks too; 3*; $1 to $5 million; 50 pads or more. LTV 55% max |
| Eligible
Transactions: |
Acquisition or refinance |
| Transaction
Size: |
$1 million to -$10 million |
| LTV-LTC: |
Lesser of up to 80%
of actual purchase price or the “As Is” appraised value; 55% for cash-out refinance |
| Security: |
First mortgage lien
on the subject property(s), assignment of all permits and approvals, assignment
of leases, pledge of partnership interests,
UCC on other collateral |
| Ownership: |
Single asset, special
purpose |
| Borrower
Qualifications: |
Must demonstrate management experience or a management company with these qualifications |
| Credit requirements |
680 minimum |
| Application Fee: |
Fee of $2,500 is due with the signed Letter of Intent |
| Origination
Fee: |
1%-2.5% of loan amount
payable at closing. |
| Prepayment Penalty |
5-4-3-2-1% or Yield Maint depending on term |
| Interest rate: |
4.5% - 6.5% fixed and interest only available |
| Non-Recourse: |
Full personal . |
| Loan
Term: |
Variable or 3-5-7-10-15 year fixed |
| Loan Amortization |
30 years; 15/15 also available |
| DSC |
1.25x |
| Rate Lock |
60 day rate lock available |
| Assumability |
Assumable by qualified borrowers |
| Second Mortgage:
|
Possible depending on combined DSC |
| Third Party
Reports: |
MAI Appraisal, Phase
I environmental, Property Condition Report, Seismic, ordered by Lender at
expense of Borrower. |
| Closing
Time: |
30-45 business days from completed
Application |
