Eligible Locations:

Most markets in Continental US

Eligible Transactions:

Acquisition or refinance; fixed or adjustable rates, permanent first mortgage loan.

Eligible Properties:

Existing apartment properties including mixed-use; A, B and C quality.

Properties that are Not Eligible :

Commercial properties; property conversions, major rehab, deferred maintenance, code violations, motel style, retirement/rehab, environmental contamination, master leases, ground leases.

Transaction Size:

$1,000,000 to $15 million.

Commercial Occupy.

Not more than 25% of units up to 30% of gross income.

Eligible Borrowers:

Good personal credit, US citizen or permanent resident, stable employment history, no bankruptcy last 7 years, no mortgage foreclosures last 10 years

Ownership:

Individuals and entities including GP, LP, LLP, LLC, trust, corp., etc.

Recourse:

100% down to 0% personal recourse to all Principals depending on LTV, DSC & personal net worth.

Application Fee:

Fee of $1,500 is due with the signed Application.

Transaction Expenses:

Not greater than $4,950 for appraisal, third party, legal and closing costs. (Final cost may be less depending on the property location, condition and age.)

Down Payment:

Minimum of 20%, must be verifiable

LTV:

Lesser of 80% of purchase price or appraised value; 75% for cash-out refinance in excess of $100,000

Interest Rate:

Fixed and adjustable available

Loan Term:

30 years, with choice of 3, 5, 7, and 10 year fixed – no balloon - 15/15 also available.

Amortization:

30 years

DSC:

Minimum of 1.20x

Rate lock:

Rate lock available for a $500 deposit refundable at closing.

Assumability

Loans are assumable by qualified borrowers for a 1% fee

Second mortgage:

Second mortgage permitted at time of purchase and permitted to remain if refinance with an existing second mortgage.

Prepayment Penalty

About 5%, 4%, 3%, 2%, 1% of principal balance depending on the period of fixed rate

Third party reports:

Appraisal, env. screen, and if required, property condition, seismic- ordered by Lender at expense of Borrower (all costing no more than about $4,000 and included in Transaction Expenses noted above.)

Closing time:

45-60 business days from completed Application