Multifamily Loan
Conduit Multifamily Loan Program Guidelines
Eligible Properties | Multifamily housing properties with 5 plus units. |
Loan Size | $5,000,000 to $500,000,000. |
Pricing | Depends on loan to value and DSCR. |
Programs | Up to 10 years fixed rate terms (balloon at end of fixed term). 30 year amortizations. |
Origination fee | 1.00% of loan amount |
Prepayment | Defeasance or yield maintenance. |
Personal Guarantee | Non-recourse subject to standard carveouts. Loans are assumable. |
Minimum DSCR | 1.20x Minimum. |
Fees | $15,500 - $25,000, due upon acceptance of letter of intent. |
Loan-To-Value | 75% of purchases price. |
Rate Lock | At commitment. |
Occupancy Requirements | No less than 90% for 90 days preceding closing. |
Title & Appraisal Requirements | Title & Appraisal to be ordered by lender at borrower's cost. |
Impounds | Taxes, insurance, tenant improvements, replacement reserves. |
Apartment Loan Requirements | . Property description and location map. . Representative color photographs. . Current rent roll and year-to-date operating statement. . Operating history - prior two years. . Current year operating budget. . Sponsor resume. |