Posted by Trevor D. James, Sr. on April 30, 2007 at 12:43:50:
Small Apartment Loan Program Overview:
?? Apartment Loans From $500,000 - $5,000,000
?? 15 and 30 Year Amortizations
?? 3, 5, 7, 10, 15 Year Fixed Rate Terms
?? No Defeasance or Yield Maintenance
?? Interest Only Payment Option(New!)
?? No Lender Points
?? No Commitment Fees
?? Limited Appraisal - No Environmental
?? No Replacement Reserves
?? Monthly / Annual Leases Acceptable
?? Substitute Leases With Bank Statements
?? No Balloon or Call Provisions
?? Maximum LTV 80% / 85% CLTV
?? Step Down Prepayment
?? Minimum DSC of 1.20:1
?? Standard 1 Fee Closing Cost
?? No Outside Legal Fees
?? 60 Day Rate Lock
?? Limited Impound Requirements
?? Section 8 - Subsidized Rents OK
?? Assumable at Lender Discretion
?? 3% Seller Concession Allowed on Purchases
?? 10% Seller 2nd Allowed
?? Property management experience is generally required for properties with 12 or more units, or property management letter and resume may be substituted.
?? $5,500 capped 1 fee closing cost for apartment loans to $5 million. Costs include standard third party reports including inspection, appraisal, engineering, environmental, lender fees, document fees, and in-house legal.
Please contact me for more info.
Trevor