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
  • Learn about Bridge Rehab Financing

New Nationwide Portfolio Money!

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
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.