MULTI FAMILY COMMERCIAL FINANCING - Non Recourse, 80% LTV, Interest Only Available!
RED STAR COMMERCIAL REAL ESTATE FUNDING
Non-Recourse Multi-Family Loan Program $1,000,000-$25,000,000 Million.
For More Information Please Call 610-578-0715
Loan Amount: $1,000,000-$25,000,000 (Other loan sizes / similar program - ASK ABOUT YOUR SCENARIO!)
Liability: NON-RECOURSE
Assumability: YES
Minimum Debt Cover: 125% of principal and interest payments
Maximum LTV: 80% - purchase or refinance
Available Loan Terms: 5, 7, 10, 15 or 30 years - INTEREST ONLY OPTIONS AVAILABLE!
Maximum Amortization: 30 Years
Mixed Use: up to 35% of the total building area can be commercial space, and up to 20% of the income can be derived from commercial leases.
Minimum FICO Score: 680 Minimum for each Key Principal
Minimum Liquidity: Nine (9) months of monthly principal and interest payments
Minimum Net Worth: Equal to the proposed loan amount
Acceptable Markets: Major urban centers nationally - Flexible, be sure to inquire
Occupancy: Minimum of 85% physical for 90 continuous days
Supplemental Mortgages: Available one year after loan closing
Replacement Reserves: Typically Waived
Typically NOT Required: Legal Opinion, PCNA and Environmental Reports.
This term sheet sets out the general guidelines of the multi-family loan program and is designed as an aid to prospective borrowers and other clients. This term sheet does not represent or imply a contract or an offer to lend funds. An offer to lend funds may only be made by a written commitment letter issued by Red Star Mortgage Corporation to a prospective borrower. This term sheet is subject to change at any time without notice at the sole discretion of Red Star Mortgage Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. (5/28/2013)
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