Multi-Family Stated Income
| Feature | Characteristics |
|---|---|
| Loan amount | $750.000 – 5MM |
| Multi-family & mixed-use | (up to 20% commercial space) |
| Eligible location | $750K to 3 Million. Nationwide except Ohio, Michigan & Louisiana. All other locations must meet minimum population requirement of 50,000 |
| Eligible location | $750K to 5 Million. Major markets included: Baltimore, Boston, Chicago, Los Angeles, New York, Sacramento, San Francisco, San Jose, Seattle, Washington D.C. |
| Loan purpose | Purchase, rate/term refinance & cash out |
| Minimum Fico | 680 |
| Amortization | 25 to 30 years, depending on the age of property and condition |
| LTV | Up to 75 – 80% maximum LTV |
| Loan terms | 30 year fixed and Balloon loan terms of 5, 7, 10 years with amortizing terms up to 30 years |
| Lifetime cap | 5% over initial interest rate |
| Lifetime floor rate | 3% |
| Minimum DSCR | 1.25 DSCR |
| NOI calculation | Deduct market vacany; % management; reparis estimated at $650/unit; reserves estimated at $300/unit |
| Subordinate financing | Not allowed during the first 12 months, thereafter case-by-case, with a minimum loan amount of $250K |
| Stabilization | must be at 90% occupancy for at least 6 months |
| Assumability: | Loans are assumable at Lender consent and a 1% fee |
Multi-Family Full Doc
| Feature | Characteristics |
|---|---|
| Loan amount | from $250K to $5 Million |
| Interest rate | Starting at 4% |
| Loan term | 12 months libor, 3, 5, 7 & 10 year fixed hybrid. All loans amortized over 30 years |
| Prepayment penalty | 5% declining |
| LTV | Up to 70% for purchases. LTV can be increased to 90% on selected markets |
| Minimum credit score | 680 |
| Minim DSCR | 1.25. This may be increased based on risk of transaction |
| Refinance | Cash out refinance request are typically limited to 50% maximum |
| Upon conclusion of fixed rate terms loans will roll to 6 month ARM | |
| Stable current and historic cash is generally required | |
| Borrower must be solid: Market experience, liquidity, net worth, personal credit. Full recourse for at least one key principal required | |
| All programs are subject to pricing adjustment based upon loan size, property condition, age, maintenance and credit indicators | |
| Rates are only for A&B Grade properties | |
| Loans under $500,000 will have a rate spread increase |
Bridge Loan
| Feature | Characteristics |
|---|---|
| Loan amount | From $250K to $20 million |
| LTV | Up to 60% max |
| CLTV | May be allowed on a case by case basis up to 75% |
| Loan term | Up to 36 months |
| Minimum Fico required | None |
| Prepayment penalty | None |
| Exit fee | None |
| Interest rate | Starting at 10% |
| Lending | Nationwide lending. No rural areas(minimum population required 100K) |
| Acceptable property types | Office, medical/dental, office condo, warehouse, multifamily, mixed use, retail, strip centers, assisted living facility, day care, flagged and non-flagged hotel/motel, other property types considered on a case by case basis |
| Interest only payment | Available |
| Closing time | Can close as fast as 30 days with full package |
| Lender Fee | 2-4% |
| Broker Fee | 1-3% |