| 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 90 days |
| Assumability: |
Loans are assumable at Lender consent and a 1% fee |
| Third party fees |
$4,500 (for strong/major markets) and $9,500 (all other markets) |
| Tax & insurance escrows |
Not required for qualifying borrowers |
| Seasoning |
Twelve months |
| Liquidity |
6 months P&I, plus down payment, closing costs and 1:1 coverage ratio of revolving debt |
| Borrower net worth |
Must exceed loan amount |
| Non recourse |
Lending in some large markets. Recourse in certain markets, subject to the Lender’s discretion |
