Loan
Parameters |
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Coverage:
Nationwide & Pop. 50,000+
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Maximum
LTV:
80% ( 65% for MI, OH, FL, IN )
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Loan Size:
$750,000 to $25,000,000 + |
Terms:
5-30 years with 30 year amortization |
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Loan
Features |
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Liability:
No
personal liability
for most loans
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Transferable:
Loans are
assumable to a buyer for speedy ownership transfer. |
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Flexibility:
Little
restriction on cash out refinances and no
deposit relationships required |
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Secondary
Financing:
Allows
investor in future years to draw equity from the
property without having to refinance the 1st mortgage
with low secondary interest rate loans. CLTV up to 80% |
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Misc. Loan Information |
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Closing
Process: 45-60
days |
Report Costs: From $2,750+
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Prepayment Penalty:
Step Down or Yield Maintenance
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Minimum Occupancy:
85-90% for loans up to $3MM and 85%
for over $3MM for 90 days prior |
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Investor Requirements |
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Minimum
net worth & liquidity needed |
Minimum credit FICO
score of 680 |
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Live within 100 miles
of property or have two years of similar size
property ownership experience |
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Initial Approval Underwriting
Requirements |
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Current detailed rent roll |
Rentable square footage of property |
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A few exterior color photos of the property, "if possible " via
email
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Last two year & year to date property operating
statements...no tax returns required for verification |
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Current personal financial statement & real estate
schedule ( forms can be provided ) |
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For loans
over $3mm a 12 month trailing profit and loss
statement by the month is requested. |
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Contact |
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San Francisco |
Phone: 415.236.1770 |
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New York |
Phone: 917.386.6128 |
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Chicago |
Phone: 773.347.0039 |
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Email: ApartmentLoans@PriBank.com |
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