Tel: 800-497-8606


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Main Office
    9008 McFarland Way
    Keller TX 76248

New York Office
    131 South Herman Avenue
    Auburn, NY 13021

Louisiana Office
    2930 Banks Street
    New Orleans, LA 70119

Tel 800-497-8606


Apartment Acquisition/Refinance Mortgage Lending Program
Minimum $3,000,000

Long-term first mortgage loans on multifamily properties with the following rates and terms:
Eligible Locations: Most locations in Continental US
Eligible Existing apartment properties; mixed use acceptable with commercial not to exceed 25% of units/rentable space or revenue.
Eligible Transactions: Acquisition or refinance
Transaction Size: $3 million - no maximum
LTV-LTC: Lesser of up to 85% of actual purchase price or the “As Is” appraised value; 80% for cash-out refinance in excess of $100,000.
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 None
Application Fee: Fee of $1,500 to $3,500 is due with the signed Application
Origination Fee: 1%-2.5% of loan amount payable at closing.
Prepayment Penalty Negotiable
Interest rate: Low, fixed interest rate for loan term - based on market spread on Ten Year Treasures- determined at commitment
Non-Recourse: No personal recourse - not even carve-outs! .
Loan Term: 35 years (no balloon)
Loan Amortization 35 years
DSC 1.20x
Rate Lock Rate lock available for 2% of the loan amount, refunded at closing
Assumability Assumable by qualified borrowers for a 1% fee
Second Mortgage: 7.5% seller promissory Note allowed
Third Party Reports: MAI Appraisal, Phase I environmental, Property Condition Report, Seismic, Processing; ordered by Lender at expense of Borrower.
Closing Time: 60-75 business days from completed Application

At no charge, a detailed loan offer will be forwarded upon completion of initial analysis.
BROKERS ARE PROTECTED

© Sterling Commercial Capital, April 2010. Subject to Change Without Notice