Product overview

Eligibility
All multifamily property types

Loan amounts
$3,000,000 minimum. No maximum.

Term/amortization
5 to 30 year term
Up to 30 year amortization

Interest rates
Fixed rate only

Debt service coverage ratio
1.25x minimum

Loan to value
80% maximum

Personal recourse
Non-recourse with standard 'Carve-Outs' and Key Principal obligations

Prepayment   
Yield maintenance, defeasance or graduated prepayment (cash only)

Origination fee
1%

Commitment fee
2% (refundable)

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required.

Minimum occupancy requirement
90% sustained for 90 consecutive days
(85% acceptable for special circumstances)

Replacement reserve impounds
Required - not less that $150/unit
(waiver considered for special circumstances)

Taxes and insurance impounds
Required
(may be waived for low leverage transactions)

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages  
Available after 1 year (up to 2 available, plus 1 more upon sale and assumption)