|
APARTMENT & MULTI-FAMILY
COMMERCIAL MORTGAGE LOANS
Potential: Purchase, Refinance, or Refinance with Cash-Out.
Definition: Structures containing four or more dwelling units with common area facilities such as entrances, lobby, elevators, stairs, mechanical space, walks or grounds. Units must be rented on a non-transient basis so that tenants consider their unit their permanent residence. Properties that offer weekly or monthly housing would not be considered multifamily properties.
Details: Program Details Below
|
Minimum Occupancy
|
75%
|
|
Minimum No. of Units
|
5
|
|
|
|
|
|
|
|
|
Maximum LTV
|
Middle Credit Score
|
|
use lessor of LTV & LTC
|
680
|
80%
|
|
|
|
|
|
625
|
75%
|
|
|
|
|
|
575
|
70%
|
|
|
|
|
|
|
|
|
|
Minimum Equity with
|
Middle Credit Score
|
|
Subordinate Financing
|
680
|
10-10% Equity 2nd some exceptions made
|
|
bank 2nd up to 5% of value
|
625
|
10-20% Equity 2nd
|
|
seller 2nd up to 25% of value
|
575
|
10-25% Equity 2nd
|
|
|
|
|
|
|
|
|
Terms
|
Fully amortized for 30 years
|
|
Minimum Debt Coverage
|
1.25 to 1
|
|
Required Reserves
|
2 Months PITI
|
|
|
|
|
PITI - Payment, Interest, Taxes, Insurance
|
|
|
|
|
|
|
|
|
Special Requirements for Refinance & Cash-Out
|
- 2 year minimum ownership
- Minimum Debt Coverage is 1.30-1.45
- Maximum LTV/LTC is 65-75%, case-by-case
- Minimum Loan Size is $100,000
|
|
|
|
|
|
|
|
|
All loan programs, guidelines, rates, and prices are subject to change at any time without notice. Not responsible for typographical or technical errors.
|
|
|
