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|
 | MINIMUM LOAN:
$2,000,000.00 |
|
| . |
| LOAN TERM:
Up to 24 Months wit a six month extension option (subject
to approval) |
|
| . |
| AMORTIZATION: Up to 30
Years. |
|
| . |
| MINIMUM DSCR:
1.15x for Affordable Housing - 1.25x for Market
Rate. |
|
| . |
| MAXIMUM LTV:
90% for Affordable Housing - 80% for Market Rate. |
|
| . |
| INTEREST RATE:
Fixed. |
|
| . |
| ELIGIBLE PROPERTY TYPES:
Multifamily - minimum five units. |
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| . |
| ELIGIBLE BORROWER:
Single Asset Entity. |
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| . |
| OCCUPANCY REQUIREMENT:
90% Physical Occupancy for 60 days at application
90 days at commitment. |
|
|
.
|
| TAX AND INSURANCE ESCROWS:
Monthly Deposits Required. May be waived if certain criteria are met. |
|
| . |
| REPLACEMENT RESERVES:
Underwritten at a minimum of $150 per unit per
annum - Monthly deposits may be waived if certain criteria are
met. |
|
| . |
| RECOURSE: In Most Cases Non-Recourse With Standard
Exceptions For Fraud and Misrepresentation. |
|
| . |
| COMMERCIAL SPACE:
Maximum 20% of net rentable area and maximum 20% of
effective gross income. |
|
|
.
|
| REQUIRED REPORTS:
MAI
Appraisal, Market Study, Architect Review of Plans, Soils Report, Phase I and others if applicable. |
|
| . |
| PREPAYMENT:
Defeasance or Yield Maintenance. |
|
| . |
| ASSUMABLE: Subject to Approval and
Fee. |
|
| . |
| SUBORDINATE FINANCING:
Allowed subject to approval. |
|
| . |
| SUPPLEMENTAL LOANS:
Eligible for secondary financing 24 months after
closing of the permanent loan. |
|
|
.
|
| PRICING:
Tiered Pricing Matrix. More favorable terms available
for higher DSC and lower LTV. |
|
|
.
|
|
RATE LOCK: Available
using Letter of Credit or Guaranteed Investment Contract (GIC). |
|
| . |
| CLOSING COSTS:
Deposit required for third party reports, processing
costs, title and legal.
Travel and other standard costs if an when applicable. |
|
| . |
| ORIGINATION FEE: Minimum
2%. (In Addition to Closing Costs). |
|
| . |
| GOOD FAITH
DEPOSIT: Case by Case Basis. Applied to Origination Fee post closing, less
legal and related costs. |
|
|
. |
| DELIVERY ASSURANCE FEE:
5%. Delivery Assurance Note acceptable in lieu of cash fee. |
|
| MINIMUM LOAN:
$1,000,000.00 to $75,000,000.00. |
|
| . |
| LOAN TERM:
Up to 30 Years. |
|
| . |
| AMORTIZATION: Up to 30
Years. |
|
| . |
| MINIMUM DSCR:
1.15x |
|
| . |
| MAXIMUM LTV:
80% of values as rental projects. |
|
| . |
| INTEREST RATE:
Fixed. |
|
| . |
| ELIGIBLE PROPERTY TYPES:
Cooperative projects - minimum five units. |
|
| . |
| ELIGIBLE BORROWER:
Single Asset Cooperative Corporations. |
|
| . |
| OCCUPANCY REQUIREMENT:
90% Physical Occupancy with no limit on sublets.
Loans greater than 65% LTV require 90% pre-sales. loans less that
65% LTV require 60% pre-sales. |
|
|
.
|
| TAX AND INSURANCE ESCROWS:
Monthly Deposits Required. May be waived if certain criteria are met. |
|
| . |
| REPLACEMENT RESERVES:
Underwritten at a minimum of $150 per unit per
annum - Monthly deposits may be waived if certain criteria are
met. |
|
| . |
| RECOURSE: In Most Cases Non-Recourse With Standard
Exceptions For Fraud and Misrepresentation. |
|
| . |
| COMMERCIAL SPACE:
Maximum 20% of net rentable area and maximum 20% of
effective gross income. |
|
|
.
|
| REQUIRED REPORTS: MAI
Appraisal, Property Condition Assessment, Phase I and others if applicable. |
|
| . |
| PREPAYMENT:
Defeasance or Yield Maintenance. |
|
| . |
| ASSUMABLE: Subject to Approval and
Fee. |
|
| . |
| SUBORDINATE FINANCING:
Not allowed. |
|
| . |
| SUPPLEMENTAL LOANS:
N/A |
|
|
.
|
| PRICING:
Tiered Pricing Matrix. More favorable terms available
for higher DSC and lower LTV. |
|
|
.
|
|
RATE LOCK: Standard 10
day
rate lock periods. |
|
| . |
| CLOSING COSTS:
Deposit required for third party reports, processing
costs, title and legal.
Travel and other standard costs if an when applicable. |
|
| . |
| ORIGINATION FEE: Minimum
2%. (In Addition to Closing Costs). |
|
| . |
| GOOD FAITH
DEPOSIT: Case by Case Basis. Applied to Origination Fee post closing, less
legal and related costs. |
|
 |
|
|
|
| Above terms and conditions are subject to
change at any time without prior notice. Other terms and conditions apply.
If you have any questions, please don't hesitate to
contact us. Thank you. |
|
|
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