Longer term fixed-rate terms, lower cost of execution and a delegated model that allows for a faster execution.
The delegated model allows licensed lenders the ability to move clients through the loan process expeditiously, responding quickly with credit decisions, critical updates and any Fannie Mae guideline changes.
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Loan Amount: Up to $6 million nationwide
Fixed-Rate Terms: Choose from a 5, 7, 10, 12, 15 or 30-year fixed rate
Amortization: 30-years
Maximum LTV: 80%
Minimum DSCR: 1.25x
Eligible Properties: Conventional properties; Multifamily Affordable Housing Properties; Cooperative Properties (market rate); and Manufactured Housing Communities
Subordinate Financing: Supplemental mortgages are available after the first 12 months of the loan term or loan assumption
Prepayment: Flexible prepayment options available, including yield maintenance and declining prepayment premium
Recourse: Non-recourse execution is available with standard carve-outs for “bad acts” such as fraud and bankruptcy.
Occupancy: Properties must demonstrate a minimum occupancy of 90% for the 90-day period prior to commitment
Escrows: Lenders are delegated the authority to waive the Replacement Reserve for certain transactions. Replacement Reserve, tax,and insurance escrows are typically required for higher leverage transactions.
Assumability: Non-recourse loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience