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Purpose:
Offers flexible loan terms and faster processing for
loans up to $3million and up to $5million in certain
MSAs
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Eligible
Properties: Multifamily properties with 5+ units
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Ineligible
Properties: Multifamily affordable housing,
manufactured housing, substantial rehab, Senior and
Assisted Living
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Collateral:
1st mortgage
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Loan Amount:
Up to $3million, or up to $5million in Boston, New York,
DC, Chicago, Los Angeles, Orange County, Sacramento, San
Diego, San Francisco and Seattle.
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Loan Term:5
to 30 years
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Interest
Rate/Pricing: Market driven
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Amortization: Up to 30 years
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Origination
Fees: Market driven
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Max LTV:
80%
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Min DSCR:
1.2x
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Recourse:
Non-recourse in most cases with standard carveouts for
"bad acts."
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Property
Occupancy: 90% occupancy for 90 days required
prior to funding
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Min
Vacancy/Collection Loss: Greater of market, actual
or 5%.
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Escrows:
Required for all loans where key principal has a FICO
score less than 680. Up to lenders discretion in other
cases
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Replacement
Reserves: Not required
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Third Party
Reports: Short form appraisal and streamlined
physical and environmental reports
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Interest
Accrual Basis: Actual/360 or 30/360
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Rate
Lock:30- to 90-day commitments. Extended Rate Lock
available on limited basis.
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Assumption:
Non-recourse loans subject to Lender/FNMA approval and
1% Transfer fee. Recourse loans have reduced
assumability features.
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Prepayment
Provisions: Yield Maintenance, Defeasance and
Graduated Prepayment Premium
