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.
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 |
6.150 to 6.40 |
2.45 |
0.00 to 1.250 * |
12MAT |
3 Yr. Fixed then 1 Year ARM, 30 Year
Fully Amortized. |
| 80% Purchase and 75% Refinance |
6.20 to 6.45 |
2.45 |
0.00 to 1.250 * |
12MAT |
5 Yr. Fixed then 1 Year ARM,30 Year Fully Amortized |
| 80% Purchase and 75% Refinance |
6.25 to 6.50 |
2.45 |
0.00 to 1.250 * |
12 MAT |
7 Yr. Fixed then 1 Year ARM, 30 Year Fully Amortized |
| 80% Purchase and 75% Refinance |
6.30 to 6.55 |
2.45 |
0.00 to 1.250 * |
12 MAT |
10 Yr. Fixed then 1 Year ARM,
30 Year Fully Amortized |
| 80% Purchase and 75% Refinance Conduit
Buster Program Conduit Pricing without the hassles |
6.125 to 6.375 |
2.45 |
0.00 to 0.75 |
12 MAT |
10 Yr. Fixed then 1 Year ARM,
30 Year Fully Amortized. Portfolio Underwriting with no impound reserve
accounts, no 10 year balloon and no borrower's legal counsel required. |
* Minimum loan amount is $500,000
with a $5,000,000 maximum.
Interest Only Options available on the 3 year, 5 year
and 10 year fixed
options.
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, to the borrower’s choice
of a one year adjustable or another interim fixed period (0.25% increase in initial
rate if interim option taken).
- Soft, declining, prepayment penalties; there
is no penalty if the property is sold. 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%. Cash-Out of less than $100,000 can go to 75%
and cash exceeding that will be limited to no more than 70%.
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. Additionally, all California properties,
and those in several other States, must have a termite inspection (or proof of
termite maintenance with a licensed company.) 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. All properties must
have public water and sewer and each unit must be individually metered for
electricity. When cash out exceeds $100,000, or if the property is older than 50
years with a loan amount of more than $500,000, a property inspection report is
required. These reports generally range from $450 for 5 to 9 units to $1,200 for
60 to 69 units with individual quotes thereafter.
Many More Apartment Loan and
Mixed Use Offerings...
E-mail or call for specific scenarios.
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