MULTI-FAMILY
MORTGAGE FOR MULTI-FAMILY PROPERTIES
Our Multi-Family mortgage program can provide you with
the finances needed to purchase any number of multi-family
properties in your area. Our multi-family finance group
is responsible for a wide range of real estate financing
activities and is uniquely positioned to handle an extensive
array of real estate related transactions to serve the
diverse needs of our clients.
Our
Multi-Family Mortgage Program Can Be Used on the Following
Types of Multi-Family Properties:
Apartments which are existing or recently completed
(both newly constructed or substantially rehabilitated).
Properties must have a minimum occupancy of near 90%
at the time of commitment.
The
Loan Type For Our Multi-Family Mortgage Program Is:
Balloon mortgages with a 5, 7, 10, 15 or 18-year terms
Also 20, 25 and 30-year fully amortizing structures
Preferred
Loan Size:
$2,000,000 or larger
Maximum
Loan:
Amount equal to the lesser of:
- 80% of the appraised value
- 1.20 debt service coverage
Multi-Family
Mortgage Interest Rates:
Determined by market rates at the time of rate lock.
Rates vary by loan-to-value ratio, debt service coverage
and property quality.
Personal Recourse:
Non-recourse for secondary market loans
Full-recourse for portfolio and private money loans
Pre-payment:
Varies (from none; to yield-maintenance or defeasance)
Multi-Family Mortgage Closing Expenses:
Standard transaction costs
Preliminary
Submission Package:
- Property description
- Color photographs
- Current rent-roll
- Year-to-date income statement
- Prior years income statement
If you have any questions about our Multi-Family
Mortgage program, contact us today! |
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