Property
Type: Multifamily properties of 20 units or more.
Loan
Security: First fee mortgages encumbering completed projects along with
customary assignments and pledges. Leaseholds considered on
a case-by-case basis.
Loan
Amount: $500,000 to $35,000,000 per property. Larger loans are case by
case.
Term:
Ten (10) Years.
Amortization: Up to Thirty (30) years, or five (5) years less than the remaining
life as determined by the Appraisal and Property Condition
Report.
Maximum
LTV: 80%
Minimum
DSCR: 1.20:1 minimum
Recourse: Non-Recourse, except for standard lender carve-outs, which require
100%.
Commercial
Space: Permitted
providing commercial space does not exceed 20% of square
footage, or 20% of effective gross income. If either occurs,
pricing and structure may change.
Master
Meters: Acceptable.
Replacement
Reserves:
Typically, minimum of $200 per unit annually, or as
scheduled in the Property Condition Assessment Report.
Monthly escrow is required.
Military/Students:
Allowed subject to higher debt coverage ratio and risk based
pricing. Student properties must be leased as units, not as
rooms, and guaranteed by parents.
Interest Rates: See the most current Pricing Matrix. Rate Buy-Downs are available.
*Al
l lending terms and conditions are subject to change.
