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
 
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.