Loan to Value: | 75% purchase 75% refinance 70% cash out refinance |
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Loan Size: | $1,000,000 to $10,000,000 |
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Structure: | 15 year term; 30 year amortization fixed for 3, 5, 7 or 10 years |
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Rates Apr. 2014: (subject to change) (interest only available) |
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Adjustment: | 2.25% over 6 mo LIBOR |
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Cap: | 2% annually; 6% over life of loan. 3% cap on 1st adjustment |
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Rate Lock: | Early rate lock option available for 1% refundable at closing, or rate lock at commitment |
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Recourse: | Yes, but Non Recourse available case by case |
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Debt Service Coverage: | 1.25x |
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Pre-payable: | Declining – depending on loan term |
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Assumable: | Yes |
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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 |
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Comments: | No mandatory repair / maintenance / tax / insurance escrows. Population 50,000 plus. Smaller cities considered case by case. Student housing, military concentration ok. |