Multi Use Loans

Loan amount

$750.000 - 5MM

Multi-family & mixed-use

(up to 20% commercial space)

Eligible location

$750K to 3 Million. Nationwide except Ohio, Michigan & Louisiana. All other locations must meet minimum population requirement of 50,000

Eligible location

$750K to 5 Million. Major markets included: Baltimore, Boston, Chicago, Los Angeles, New York, Sacramento, San Francisco, San Jose, Seattle, Washington D.C.

Loan purpose

Purchase, rate/term refinance & cash out

Minimum Fico

680

Amortization

25 to 30 years, depending on the age of property and condition

LTV

Up to 75 - 80% maximum LTV

Loan terms

30 year fixed and Balloon loan terms of 5, 7, 10 years with amortizing terms up to 30 years

Lifetime cap

5% over initial interest rate

Lifetime floor rate

3%

Minimum DSCR

1.25 DSCR

NOI calculation

Deduct market vacany; % management; reparis estimated at $650/unit; reserves estimated at $300/unit

Subordinate financing

Not allowed during the first 12 months, thereafter case-by-case, with a minimum loan amount of $250K

Stabilization

must be at 90% occupancy for at least 90 days

Assumability:

Loans are assumable at Lender consent and a 1% fee

Third party fees

$4,500 (for strong/major markets) and $9,500 (all other markets)

Tax & insurance escrows

Not required for qualifying borrowers

Seasoning

Twelve months

Liquidity

6 months P&I, plus down payment, closing costs and 1:1 coverage ratio of revolving debt

Borrower net worth

Must exceed loan amount

Non recourse

Lending in some large markets. Recourse in certain markets, subject to the Lender's discretion

Loan amount

$500.000 - 7 Million

Minimum Fico

660

Minimum DSCR

1.30

Maximum LTV

90% for multi use properties (office, retail, condo, warehouse, medical office, mixed use, light industrial).
85% for special use properties (automotive, assisted living, hotel, motel, restaurant, day care)

First Mortgage

First mortgage 50% and Second mortgage up to 40%
First mortgage amortized up to 25 years and Second mortgage up to 20 years. Second mortgage rates is fixed for 20 years

Must be owner occupied 51%+ to qualify under this program

Loan Purpose

Purchase only

Underwriting philosophy

Global Cash Flow Underwriting

Closing time

60 days if complete package

Loan programs available

1. Adjustable (prime plus 2.75%)
2. 3 Year Fixed: Rate starts at 5.5% with 5 year declining prepayment
3. 5 Year Fixed: Rate starts at 6.5% with 5 year declining prepayment
(the above two options only apply to the first mortgage)
4. The second mortgage will carry an interest rate of approx. 5.5% fixed for 20 years and amortized over 20 years
5. Seller Financing allowed by, borrower must have Minimum Equity of 10%