LOAN AMOUNT & UNIT LIMITATIONS
$1 million to $7.5 million in all markets Note: Loans between $6 million and $7.5 million in Small and Very Small Markets by exception Loans less than $6 million — no unit limitations Loans between $6 million and $7.5 million — up to 100 units (exception permitted above 100 units)
LOAN PURPOSE
Acquisition or Refinance (Cash-out available)
ELIGIBLE PROPERTIES
Conventional multifamily housing with five residential units or more; mixed use subject to limitations
LOAN TERMS & RATE STRUCTURE
20-Year Hybrid ARM with initial 5-, 7-, or 10-year fixed-rate period, 5-, 7-, or 10-year fixed-rate mortgage Partial interest-only and full-term interest-only may be available
AMORTIZATION
Up to 30 years
MINIMUM
DSCR 1.25x
PREPAYMENTS
Declining schedules and yield maintenance available for all loan types
DEBT SERVICE COVERAGE
1.20x Top
1.25x Standard
1.30x Small
1.40x Very Small
MAXIMUM LTV
80% available in Top and Standard Markets
RECOURSE
Non-recourse with standard carve-out provisions
NET WORTH & LIQUIDITY
Net worth equal to or exceeding loan amount Liquidity equal to or greater than 9 months P&I prior to closing
CREDIT
Minimum FICO score of 650
OCCUPANCY
Minimum 90% occupancy of units for 90 days prior to underwriting
Program Highlights
- Non-recourse
- Highly competitive rates
- Flexible terms and prepayment options
- Streamlined process – faster closing times
- Interest-only available
- Up to 80% LTV in certain areas
Top Markets (MSA)
- Boston, Chicago, Dallas, Denver, Los Angeles, Miami, Minneapolis, New York, Portland, San Diego, Sacramento, San Francisco, San Jose, Seattle, and Washington D.C.
