APARTMENTS & MIXED USE LONG TERM FUNDING

Apartment Building Financing Guidelines

Multifamily apartment and mixed use apartment financing for loans under $5 million. 

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Commercial Apartments 5-9 Units (30 yr Fixed):
Loan Amount: $250k-$5M
LTV of Purchase price: up to 67.5%
LTV Rate and Term refinance: up to 65%
LTV Cash out Refinance: up to 60%
Minimum As-Is Appraised Value: $250k
Collateral: Commercial apartments 5-9 units
Rate: Starting at 7.25%
Points: Vary based on loan amount
Term: 30yr Fixed, 5/1, 7/1, 10/1 ARM and Interest only options
Credit Score: 680 Minimum
Prepayment Penalty: 1yr to 5yr Year declining options (5,4,3,2,1%)
 

Borrower Parameters:

 

Eligible Property Types: Apartments residential 5+ units, Mixed Use (apartment residential with retail and/or commercial up to 30% of space and income.

Occupancy: No less than 90%.

Tax and Insurance Impounds ("T&I"): Tax and insurance may be escrows required.

Borrower: Individual(s), Sole Proprietorships, Trusts, Partnerships (General and Limited), Limited Liability Corporations, Corporations and Joint Ventures are eligible.

Personal Guarantees/Recourse: Generally, the loan is a full legally enforceable financial recourse to an individual as borrower or as guarantor.  Non-recourse avialable.

Reserves: Minimum cash liquidity is 9 months PITI.