Loan Amounts: $400,000-$3,000,000 ($250,000 to $400,000 - available at higher interest rates)
Maximum loan to one borrower: $10,000,000
Maximum LTV: 80% on purchase or rate & term refinance; 75% on cash-out refinance
Loans over $2,000,000 require a 5% LTV reduction.
Minimum number of units: 5
The regular amortization schedule is 25 years; 30-year amortization is also available with restrictions.
Occupancy is assumed to be at least 90% for 90 days.
Interest rates are for apartment buildings. Mixed-use rates are 0.5% higher. Mixed-use is defined as properties where no more than 33% of gross rental income derives from commercial units. Number of commercial units should not exceed 25% of total units.
Escrows are required for taxes and insurance. May be waived for LTVs of 50% or less.
Rate Lock periods are 60-90 days.
Prepayment penalties apply.
All rates/programs are subject to change without prior notice.