Apartment Loans

Required Documents

Last 2 years of income and expense statements
Year to date income and expense statements
Current rent roll
Current financial statement on each guarantor (see loan forms)
Current schedule of real estate on each guarantor (see loan forms)
Purchase contract
Sales brochure
Vesting map (see loan forms)
Use of funds letter
Photos of interior unit and building exterior
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Loan to Value:

75% purchase
75% refinance
70% cash out refinance

Loan Size:

$1,000,000 to $10,000,000

Structure:

15 year term; 30 year amortization fixed for 3, 5, 7 or 10 years

Rates Apr. 2014:
(subject to change)
(interest only available)

3 Year
5 Year
7 Year
10 Year

3.25%
3.80%
4.15%
4.75%

Adjustment:

2.25% over 6 mo LIBOR

Cap:

2% annually; 6% over life of loan. 3% cap on 1st adjustment

Rate Lock:

Early rate lock option available for 1% refundable at closing, or rate lock at commitment

Recourse:

Yes, but Non Recourse available case by case

Debt Service Coverage:

1.25x

Pre-payable:

Declining – depending on loan term

Assumable:

Yes

Costs:

$4,500 at application upon acceptance of terms
$2,750 at closing
1% loan fee at closing
Plus title, survey, other typical closing costs

Comments:

No mandatory repair / maintenance / tax / insurance escrows.
Population 50,000 plus. Smaller cities considered case by case.
Student housing, military concentration ok.