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FLEXIBLE LOAN PROGRAM FOR MULTI-FAMILY PROPERTIES
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PROGRAM DETAILS
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Eligible Properties
> Existing apartment properties with 10+ units (limited mixed use acceptable)
> No properties with deferred maintenance in excess of 5% of value
> Mobile home parks with 15+ pads
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Minimum DSC
1.20 based on the actual loan constant
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Summary of Costs
> Fixed third party costs of $3,500 for apartments and $5,500 for mobile home parks
> Included in Fixed Loan Processing Fee:
■ Appraisal
■ Property Inspection
■ Processing Fee
Loan-to-Value
> 80% for purchase, rate & term refinance
> 75% for cash out refinance
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Loan Size
$500,000 to $5 million
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Location
Nationwide
Programs
Highly competitive with a wide array of rate plans including:
> 3,5,7 and 10 year fixed terms, followed by floating rate periods up to 30 years Amortizations up to 30 years
> 15 year fixed rate, fully amortizing
> 3 and 5 year interest only structures available
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Rate Lock
60-day forward lock available requiring a $500 deposit credited at closing.
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Information Required For Submitting a Deal
> Current Rent Roll
> Two years operating history
> Borrower's financial statements
> Purchase contract (if applicable)
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Prepayment
Fixed declining (no yield maintenance or defeasance)
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Personal Guarantees
> Required
> Guarantee drops to 50% with LTV below 75%
> No recourse at 50% LTV
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