Apartment Mortgage Loan Programs available Nationwide
Serving most States and Counties within the United States
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.
Mid-Size Apartment Mortgage Loans
and Mixed Use Loans
(For Loans from $500,000 to
$5,000,000) *
Low Interest Rates, Low Loan Fees,
Fully Amortized and Assumable. For both Apartment Purchase or Refinance.
Rates can even be locked at full
loan application! Minimize market uncertainties.
Lock-In for 60 days at Full Application!
Apartment Loan Mortgage Rates
| LTV |
Start Rate |
Margin |
Points |
Index |
Notes |
| 80% Purchase and 75% Refinance Conduit
Buster Program Conduit Pricing without the hassles |
5.374 |
1.15 |
0.50 to 1.00 * |
10 Year Treasury |
10 Yr. Fixed then ARM,
30 Year Amortized, Due in 15 Years. $2,000,000 Minimum Loan |
| 80% Purchase and Refinance |
6.250 to 6.650 |
1.15 |
0.50 to 1.00 * |
Swap Rate** |
3 Yr. Fixed then 1 Year ARM, 30 Year
Fully Amortized. |
| 80% Purchase and Refinance |
6.250 to 6.550 |
1.15 |
0.50 to 1.00 * |
Swap Rate** |
5 Yr. Fixed then 1 Year ARM,30 Year Fully Amortized |
| 80% Purchase and Refinance |
6.500 to 6.750 |
1.15 |
0.50 to 1.00 * |
Swap Rate** |
7 Yr. Fixed then 1 Year ARM, 30 Year Fully Amortized |
| 80% Purchase and Refinance |
6.500 to 6.750 |
1.15 |
0.50 to 1.00 * |
Swap Rate** |
10 Yr. Fixed then 1 Year ARM, 30 Year Fully Amortized |
| 80% Purchase and Refinance |
6.750 to 7.000 |
1.15 |
0.50 to 1.00 * |
Swap Rate** |
15 Yr. Fixed Fully Amortized |
* Minimum loan amount is $500,000
with no maximum.
** Margin Based upon Pricing
Mixed Use Property Loans:
For mixed-use properties, Loan-to-Value is
reduced by 5% and the interest rate is increased by 1/2%. An additional
application fee of $1,000 is required.
Mixed-use is defined as properties where no more
than 33% of the current gross potential income comes from commercial units and
the number of commercial units does not exceed 25% of the total number of units.
There must be a minimum of 5 residential apartment units in the project.
Apartment Loans Highlights:
- Full Amortization; there are no balloon
payments. After the expiration of the initial fixed rate period -- 3, 5, 7
or 10 years, the loan rolls over, at no cost.
- Declining, prepayment penalties. Specific percentages of penalty
depend upon the fixed loan term taken. Up to 20% of the loan balance can be paid
in any year without a penalty.
- Low third party costs and loans fees. Generally there are no legal fees (unless Trust or Corporate review needed)
and reduced appraisal and inspection fees.
Additional Information and Requirements:
Properties with loans requested below the
minimum can be bundled together to reach the minimum point. Purchase or no-cash
refinances are available to 80%.
Documentation requirements for apartment loans are similar to a
residential transaction. A complete 1003 for each property is required including
a rent schedule. Paycheck stubs, three months bank statements, two years 1040’s
with all schedules, W-2s and a form 4506 are needed. In addition, a current rent
roll, property questionnaire and historic and forecasted operating statement
(all in special formats) are required. Copies of all leases are needed
for each unit and, on refinances, a history of capital improvements over the
last three years is requested.
Property grades can go from A to C, but no
rehabs or significant deferred maintenance will be accepted.
Many More Apartment Loan and
Mixed Use Offerings...
E-mail or call for specific scenarios.
|
