| 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 |
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Interest Rate:
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Changes daily. Please contact your local Originator for today's rates.
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| Prepayment: | Yield Maintenance and Alternative Defeasance. Other terms and conditions are available. |
| Reserves: | Taxes and insurance. Replacement reserves may be waived for properties and borrowers meeting specific requirements. |
| Application Deposit: | $6,000 (Includes appraisal, environmental assessment and physical needs assessment costs.) |
| Survey: | Only required for Florida, New Mexico, Texas New York & Ohio |
| Origination Fee: | Greater of 1% or $7,500, payable at Closing |
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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 |
Other Terms: |
- Funding subject to 6-month reserves.
- Minimum 680 FICO.
- Floor Underwriting rate of 5.75%.
- No Appraisal Fee.
- No Legal Fee.
- No Property Survey.
- Up to 20% Commercial Space Allowed
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