Apartment Mortgage Loan Programs available Nationwide
Multi-Family Apartments, Mixed Use and Mobile
Home Parks
From $500,000 to $10,000,000+
FNMA DUS
Small Apartment Loan Program
Rate Buster Portfolio
Programs
Rate Buster Fixed Rate Programs
See Also:
Main
Commercial & Apartment Loan Page for many more
apartment and
commercial loan programs, including
interest only, stated and no-doc options and 40 year amortization.
FNMA DUS Small Apartment
Loan Program
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80% LTV |
65% LTV |
55% LTV |
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Term |
Prepayment |
1.20 DSC |
1.35 DSC |
1.55 DSC |
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5 Yr Fixed |
4.5
yr Yield Maintenance |
5.76% |
5.62% |
5.46% |
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5 Yr Fixed |
Declining 5, 4, 3, 2, 1 |
6.17% |
6.03% |
5.83% |
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7 Yr Fixed |
6.5
yr Yield Maintenance |
5.99% |
5.85% |
5.69% |
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7 Yr Fixed |
2 yr
LO 5, 4, 3 ,2, 1 |
6.39% |
6.25% |
6.05% |
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10 Yr Fixed |
9.5
yr Yield Maintenance |
6.08% |
5.94% |
5.78% |
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10 Yr Fixed |
5, 5, 4, 4, 3, 3, 2, 2, 1, 1 |
6.74% |
6.60% |
6.40% |
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80% LTV |
65% LTV |
55% LTV |
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Term |
Prepayment |
1.10 DSC* |
1.20 DSC* |
1.40 DSC* |
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5 Yr ARM |
1 yr
Lock Out then 1, 1, 1, 1 |
4.20% |
4.02% |
3.82% |
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Pricing Note:
ARM rates are shown with a 1.5% origination
fee. The rates listed above apply to loan amounts from $1,000,000 to
$5,000,000. Please call for pricing on loans less than $1 million.
* Minimum DCR based on stress rate of 3.00% over initial rate
(ceiling) |
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Program Highlights |
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Loan
Size: |
Up to
$5,000,000; limited to $3,000,000 in select markets |
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Markets: |
Nationwide *
(Call) |
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Property Types: |
Apartment Building 5+ Units |
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Term: |
Up
to 30 years |
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Hybrid
Product: |
7 or
10 Year Fixed Period Converting to ARM, 30 Year Term (Call For
Rates) |
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Loan-to-Value: |
Up
to 80% |
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Recourse: |
Non
Recourse Available in Select Markets |
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Origination/Points: |
0.5%
to 1.5% depending upon loan amount and program type |
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Rate
Lock: |
Available |
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Multifamily 5+ Units$500K to $10 million, 30/30, 75% LTV Max
| 2 yr Hybrid | Prepayment Penalty - 3, 1 | 6.44% | | 3 yr Hybrid | Prepayment Penalty - 5, 3, 1 | 6.50% . | | 5 yr Hybrid | Prepayment Penalty - 5, 4, 3, 2, 1 | 6.79% |
Hybrid - After fixed period rolls over to 3 MO LIBOR plus 3% margin 1.20+ Debt Service Coverage Ratio
(DSCR) 680+ Mid Credit Score
Multifamily 5+ Units, Mixed Use & Mobile Home Parks$500K to $100+ million
| 5 Yrs Fixed Balloon
Yield Maintenance PPP Lasts 4.5 Yrs.
| Min DSCR | Max LTV | Amortization | RATES ≤ $3 million ≥ $3 million
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| 1.20 | 80% | 30 | 6.37 5.91 | | 1.35 | 65% | 30 | 6.23 5.77 | | 1.55 | 55% | 30 | 6.07 5.61 | | | | |
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| 5 Yrs Fixed Balloon
5, 4, 3, 2, 1 Step Down PPP
| 1.20 | 80% |
30 | 6.89 N/A |
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| 1.35 | 65% | 30 | 6.75 N/A |
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| 1.55 | 55% | 30 | 6.55 N/A |
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| 7 Yrs Fixed Balloon
Yield Maintenance PPP Lasts 6.5 Yrs.
| Min DSCR |
Max LTV | Amortization | RATES ≤ $3 million ≥ $3 million
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| 1.20 | 80% | 30 | 6.46 6.12 | | 1.35 | 65% | 30 | 6.32 5.98 | | 1.55 | 55% | 30 | 6.16 5.82 | | | | | | | . |
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| 7 Yrs Fixed Balloon
2 Year Lock Out then
5, 4, 3, 2, 1 | Min DSCR |
Max LTV | Amortization | RATES ≤ $3 million ≥ $3 million |
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| 1.20 | 80% | 30 | 6.87 N/A | | 1.35 | 65% | 30 | 6.73 N/A | | 1.55 | 55% | 30 | 6.53 N/A |
| 10 Yrs Fixed Balloon
Yield Maintenance PPP Last 9.5 Yrs.
| Min DSCR | Max LTV | Amortization | RATES ≤ $3 million ≥ $3 million
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| 1.20 | 80% | 30 | 6.47 6.20 | | 1.35 | 65% | 30 | 6.33 6.05 | | 1.55 | 55% | 30 | 6.17 5.90 | | | |
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| 10 Yr. Fixed Balloon
5, 5, 4, 4, 3, 3, 2, 2, 1, 1
10 Years PPP | 1.20 | 80% |
30 | 7.08 N/A |
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| 1.35 | 65% | 30 | 6.94 N/A | | 1.55 | 55% | 30 | 6.74 N/A |
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30 Yr. Fixed | Min DSCR | Max LTV | Amortization | RATES ≤ $3 million ≥ $3 million |
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| | 1.20 | 80% | 30 | 6.99 6.96 |
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Yield Maintenance PPP
Lasts 15 Yrs.
| 1.35 | 65% | 30 | Call for quote 6.82 |
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| 1.55 | 55% | 30 | Call for quote 6.67 |
Rate Buster
Underwriting Highlights
- Origination Fee: One Half
to One Point depending upon loan amount and LTV.
- LTV: Maximum 80% for Purchase or Refinances
- Credit Score: Middle Score 621+ with large net worth and high liquidity of borrower
- Supplemental Financing: Second mortgage to take advantage of appreciating market for first five years in specific markets except for hybrid program which does not allow supplemental financing
- Hybrid: Auto roll over to 6 MO LIBOR plus 2.65% to margin. Add 0.30% to Balloon step down rate. No supplemental Financing allowed on this product.
- Interest Only: 10+ yr only add 5 bps to rate for first two years then reverts to full P&I payment for the remaining term
- Occupancy Requirements: Minimum 90%+ for minimum of 90 days
- Borrower Net Worth: Must be greater than the loan amount
- Third Party Reports: We order all third party reports
including Title Policy if refinance
- Loan Amounts: $500,000 to $100,000,000+. Call for larger loan amounts.
- Rate Lock: Available after Underwriting approval. 1% deposit for 30 days. Refunded at closing
- DSCR: Minimum Debt Service Coverage Ratio is 1.20+
- Recourse & Non Recourse: Recourse standard and non Recourse available in selected markets with carve outs
- Seasoning for Cash Out Refinances: Using Appraised Value is 24 months,
otherwise Purchase Price will be used
- Population restrictions: Property must be located in city with 10,000 or more population
- Non-Profit Borrowing Entities: Allowed
- Mixed Use: No more than 20% of income allowed from commercial component
- Manufactured Home Parks: $1 million min loan amount, min 50 pads, 50% plus doublewides, two car parking on all pads, all homes must be skirted, paved roads & maximum 10% park owned units.
- Bankruptcies and/or Foreclosures on credit report: Not allowed
- Non-recourse self directed IRA borrowers: Are allowed and are assumable
- Qualification Rate for ARM Product: Add life time cap of 3.00% to today’s rate
- Out of State Borrower: Must be seasoned investor in the area the new property is being purchased if purchasing out of State property. Or, max LTV 65% with a 1.35 min DSCR on the property along with a seasoned management company
- 1-4 Next Door to each other: Need like kind properties next door to each other. We treat as an apartment complex.
- Rate Lock: Rate locks are typically locked 10-15 days prior to loan closing. If the loan is $3MM or less, the borrower can deposit a 1% rate lock fee that is refundable at closing. If the loan is over $3MM the rate lock fee is 2%, of which 75% is refunded at closing and the remaining 25% is refunded within 45 days after closing. We also have the ability to “early rate lock” loans. That process typically takes two weeks, which is driven by the appraiser giving us an indication of the value of the property. Early rate lock adds 3 bps to the rate, adds 1% rate lock fee to the above scenarios, and requires the borrower to provide the information needed for underwriting in a very timely manner.
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