Eligible Locations:Most locations in Continental US; population of 50k or more MSA
EligibleExisting 5+ unit apartment properties; mixed use also acceptable

Mobile Home Parks too; 5* only ; $2 to $5 million; 50 pads or more. LTV 55% max

Eligible Transactions:Acquisition or refinance
Transaction Size:$2 million to -$10 million
LTV-LTC:Lesser of up to 80% of actual purchase price or the “As Is” appraised value; 55% for cash-out refinance
Security:First mortgage lien on the subject property(s), assignment of all permits and approvals, assignment of leases, pledge of partnership interests, UCC on other collateral
Ownership:Single asset, special purpose
Borrower Qualifications:Must demonstrate management experience or a management company with these qualifications
Credit requirements680 minimum
Application Fee:Fee of $2,500 is due with the signed Letter of Intent
Origination Fee:1%-2.5% of loan amount payable at closing.
Prepayment Penalty5-4-3-2-1% or Yield Maint depending on term
Interest rate:4.5% – 6.5% fixed and interest only available
Non-Recourse:Full personal .
Loan Term:Variable or 3-5-7-10-15 year fixed
Loan Amortization30 years; 15/15 also available
Rate Lock60 day rate lock available
AssumabilityAssumable by qualified borrowers
Second Mortgage:Possible depending on combined DSC
Third Party Reports:MAI Appraisal, Phase I environmental, Property Condition Report, Seismic, ordered by Lender at expense of Borrower.
Closing Time:30-45 business days from completed Application

At no charge, a detailed loan offer will be forwarded upon completion of initial analysis.