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.