| Second Mortgage Requirements: | 1) Alliant must service existing first mortgage
2) No supplemental mortgage allowed during first year of the loan term of the last mortgage
3) Existing first mortgage must have at least 5 yrs remaining
4) First and supplemental mortgages must be cross defaulted
5) The maximum number of liens allowed is three (3) |
| Loan Amount: | Minimum of $1,000,000 |
Liability:
| Non-recourse |
Assumability:
| With consent of Lender |
Loan Term:
| Maturity date must match the maturity date of the existing first mortgage. |
| Amortization: | Up to 30 years |
Interest Rate:
| Changes daily. Please call your local Originator for today's rates. |
Pricing Categories:
(Refer to
Rate Sheet) |
| Tier | Combined Min DSC | Combined Max LTV | | II | 1.25 | 80% | | III | 1.35 | 65% | | IV | 1.55 | 55% |
|
| Prepayment: | Yield Maintenance and Alternative Defeasance. Other terms and conditions are available. |
| Standard Yield Maintenance: |
4.5 years for a 5 year term loan
6.5 years for a 7 year term loan
9.5 years for a 10 year term loan
10 years for 15, 18, 25 or 30 year term loans
(Alternative yield maintenance periods are available.) |
Yield Maintenance:
| The yield maintenance expiration period must be exactly the same as the first mortgage. |
| Reserves: | Taxes and insurance. Replacement Reserve agreement associated with the supplemental mortgage will be required. Collection of Replacement Reserves will be waived for supplemental mortgage (replacement reserves will continue to be collect on the first mortgage). |
| Application Deposit: | $9,500 (Includes new appraisal, physical needs assessment, credit reports, UCC searches) |
| Lender's Legal Fee: | $2,500 |
| Survey: | Not required |
| Origination Fee: | Greater of 1% or $20,000, payable at Closing |
|
Commitment Fee: |
2% (Refundable) |
| Occupancy: | Minimum of 85% for 90 continuous days |
| Early Rate Lock: | Available. Please call for more information. |
|
