NEW Multifamily and Mixed Use Program--NATIONWIDE

[Sandra Brown]

All markets considered except NV, SD and ND

Portfolio program

Step down prepay

Loan amount: $1,000,000--$6,000,000

Property types: multifamily, mixed use, student housing, military housing

Non-eligible properties: masonry, slope >35%, fractured condos, owner user

Property condition: average to good condition (cost to cure deferred maintenance may not exceed 5% of appraised value)

Occupancy: property must be 90% occupied or better and performing in line with market

Impounds: none

Reserves: none

LTV: 75% purchase and R/T, 70% cash out

Amortization/term: 30/15

Fixed term: 3, 5, 7 and 10 yrs.

Net worth: greater than or equal to loan amount

Liquidity: 6 months of debt service (may include up to 50% of cash out from refinance AND retirement funds if borrower is beyond retirement age)

Tax returns required for last 2 yrs.

Fico: 680 or greater (lower considered on a case by case basis)

Permanent resident aliens ok

 

 

 

Pricing

3Year                     5Year                     7 Year                    10 Year

                                                                                                 Major markets                 3.58%                       4.09%                     4.65%                    5.28%               

 

Add: 10 bps for nationwide markets

20 bps for tertiary markets

              15 bps for loan amount below $2M

 

Deduct: 20bps for LTV 60% or less

Contact Sandra Brown@[e-mail]