| Loan Amount: | Minimum of $500,000; Maximum of $3 Million |
Liability:
| Loans >/= to $1.5 Million are non-recourse. For Loans less than $1.5 Million personal recourse is standard. Non-recourse is available with consent of lender. |
Assumability:
| With consent of Lender |
Standard Loan Term:
|
Fixed Rate Loans: 5, 7, 10, 15, 18, 25 & 30 years
Adjustable Rate Loans: 7 or 10 years indexed on 1 or 3 month LIBOR |
| Amortization: | From 10 to 30 years |
|
Interest Rate:
|
Changes daily. Please contact your local Originator for today's rates.
|
Pricing Categories:
(Refer to
Rate Sheet) |
| | Min DSC* | Combined Max LTV | | Tier | Fixed | ARM* | Fixed | ARM* | | II | 1.25 | 1.00 | 80% | 77.5% | | III | 1.35 | 1.10 | 65% | 65% | | IV | 1.55 | 1.30 | 55% | 55% |
* At the lifetime maximum rate |
| 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.) |
| Reserves: | Taxes and insurance. Replacement reserves may be waived for properties and borrowers meeting specific requirements. |
| Application Deposit: | $9,000 (Includes appraisal, environmental assessment and physical needs assessment costs.) |
| Lender's Legal Fee: | $1,000 |
| Survey: | Only required for Florida, New Mexico, Texas New York & Ohio |
| Origination Fee: | Greater of 1% or $10,000, payable at Closing |
|
Commitment Fee: |
2% (Refundable) |
| Occupancy: |
10 or More Units: Minimum of 85% for 90 continuous days.
Less than 10 Units: Average occupancy of at least 90% for the preceding 12-month period. No more than one (1) unit may be vacant at time of closing. |
| Early Rate Lock: | Available |
