Affordable
Housing (Program
availability and terms may change without prior notice)
Offers flexible
terms for acquisition or refinance of multifamily
projects which qualify as affordable housing.
Eligible properties are those that participate in
the low Income Housing Tax Credit (LIHTC) program,
are encumbered by a Housing Assistance Payment
(HAP) contract or participate in the Section 8
programs (either through vouchers or direct
payments). Other, special uses can be considered
for MAH status.
MINIMUM
LOAN:
$5,000,000.00
LOAN
TERM: 18
Year Balloon or fully amortizing up to 30
Years.
AMORTIZATION:
Up to 30 Years.
MINIMUM
DSCR: 1.15x.
MAXIMUM
LTV: 90%.
INTEREST
RATE: Fixed
- Adjustable rate available proceed off the
one month or three month LIBOR. Convertible
and Non-convertible options available.
ELIGIBLE
PROPERTY TYPES:
Multifamily - minimum five
units.
ELIGIBLE
BORROWER:
Single Asset Entity.
OCCUPANCY
REQUIREMENT:
90% Physical Occupancy for 60
days at application 90 days at commitment.
TAX
AND INSURANCE ESCROWS:
Monthly Deposits Required. May be waived if
certain criteria are met.
REPLACEMENT
RESERVES:
Underwritten at a minimum of
$150 per unit per annum - Monthly deposits may
be waived if certain criteria are met.
RECOURSE:
In Most Cases Non-Recourse With
Standard Exceptions For Fraud and
Misrepresentation.
COMMERCIAL
SPACE: Maximum
20% of net rentable area and maximum 20% of
effective gross income.
REQUIRED
REPORTS: Narrative
MAI Appraisal, Property Conditions Assessment
and Phase I. Others if applicable.
PREPAYMENT:
Defeasance or Yield
Maintenance.
ASSUMABLE:
Subject to Approval and Fee.
SUBORDINATE
FINANCING:
Allowed subject to approval.
SUPPLEMENTAL
LOANS: Eligible
for secondary financing after 12 months.
PRICING:
Tiered Pricing Matrix. More
favorable terms available for higher DSC and
lower LTV.
RATE
LOCK: Standard
10 day rate lock period. Extended rate lock
options available.
CLOSING
COSTS: Deposit
required for third party reports, processing
costs, title and legal. Travel and other
standard costs if an when applicable.
ORIGINATION
FEE: From
PAR to 3%. (In Addition to Closing Costs).
Above terms and conditions are subject to
change at any time without prior notice. Other terms and conditions apply.
If you have any questions, please don't hesitate to
contact us. Thank you.
