Offers
flexible terms for acquisition or refinance of multifamily projects
which qualify as affordable housing.
Eligible properties are those
that participate in the low Income Housing Tax Credit (LIHTC) program,
are encumbered by a Housing Assistance Payment (HAP) contract or
participate in the Section 8 programs (either through vouchers or
direct payments). Other, special uses can be considered for MAH
status.
MINIMUM LOAN:
$1.000,000.00
.
LOAN TERM:
18 Year Balloon or fully amortizing up to 30 Years.
.
AMORTIZATION:
Up to 30
Years.
.
MINIMUM DSCR:
1.15x.
.
MAXIMUM LTV:
90%.
.
INTEREST RATE:
Fixed - Adjustable rate available proceed off the
one month or three month LIBOR. Convertible and Non-convertible
options available.
.
ELIGIBLE PROPERTY TYPES:
Multifamily - minimum five units.
.
ELIGIBLE BORROWER:
Single Asset Entity.
.
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:
Narrative MAI Appraisal, Property Conditions
Assessment and Phase I. 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 after 12 months.
.
PRICING:
Tiered Pricing Matrix. More favorable terms available
for higher DSC and lower LTV.
.
RATE LOCK: Standard
10 day rate lock period. Extended rate lock options available.
.
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
1% to 3%. (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.
