| 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: |
$2 million to $50 million |
| 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: |
Good personal credit, US Citizenship or permanent resident, stable employment history, no bankruptcies last 7 years, no mortgage foreclosures last 10 years, Must demonstrate management experience or a management company with these qualifications |
| Credit requirements |
Good - at least 680 middle score |
| Application Fee: |
Fee of $1,500 to $3,500 is due with the signed Application |
| Origination
Fee: |
1% of loan amount
payable at closing. Par loans and buy-down of interest rate is available for additional points |
| Exit
Fee: |
None |
| Interest rate: |
Fixed for loan term - to be determined at commitment |
| Loan Index: |
10 year US Treasuries - |
| Non-Recourse: |
No personal recourse - not even carve-outs! . |
| Loan
Term: |
35 years |
| Loan Amortization |
35 years |
| DSC |
1.17x |
| Rate Lock |
35 years Rate lock available for 2% of the loan amount, refunded at closing |
| Assumability |
35 years Assumable by qualified borrowers for a 1% fee |
| Second Mortgage:
|
Not permitted |
| Prepayment: |
PPP first 3 years 5-3-1%; no penalty after 3rd year. |
| 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 |
