Advantage Program

Our Multifamily Finance Group is a top provider of small apartment loans. By using a dedicated staff of exceptionally seasoned lending professionals, we deliver consistent and unsurpassed execution for clients.

Eligible Properties

  • Existing Apartment Properties
  • Mixed use properties: up to 25% non-apartment income
  • Mobile Home Parks with 15+ pads

Loan Size
$500,000 to $5,000,000

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 total
  • 15 year fixed rate fully amortizing
  • Up to 30 year amortizations
  • 2, 3 and 4 years of interest only available based on guarantor’s credit

Prepayment
Fixed declining (no yield maintenance or defeasance)

Personal Guarantees

  • Required
  • Guarantee drops to 50% with LTV below 75%
  • No recourse at 50% LTV

Minimum DSC
1.20 based on the actual loan constant


Closing Costs

  • Fixed third party costs of $4,000 for multifamily properties and $6,000 for mobile home parks
  • Property condition report required based on asset condition/quality

Origination
1%-2%

Loan-to-Value
80% for purchase, rate & term refinance and cash-out refinance

Rate Lock

  • Available at application
  • 60-day forward lock included in third party fee

Closing
Typically 45 days from executed application