1 - 4 Residential Financing

Loan Terms 

Loan Amount:

$500,000 - $5,000,000

Loan Term:

5 or 10 Year Balloon; 25, or 30 Year fully amortizing; Interest only available

Amortization:

25 or 30 Years, based on property condition

Loan to Value:

Multifamily: Maximum 80% of appraised value, or if property has been purchased within the past 12 months, 80% of lower of: a) purchase price, plus value added renovation

Interest Rate:

Risk-based “Tier” pricing, varying with LTV and DSC ratios

Prepayment Terms:

5 year step-down prepayment schedules

Third Party Reports:

MAI Appraisal, Physical Needs Assessment. Environmental Phase I Assessment may be required

Reserves:

Tax and insurance escrows are required; Funded Repair and Replacement escrow is required, based on engineer’s Physical Needs Assessment; For loans of less than 65% of value with no deferred maintenance, funding of repair and replacement reserve can be waived at lender’s discretion

Application Fee: 

$3,000 - $15,000; Covers 3rd Party reports and processing/underwriting costs

Legal Fees: 

$1,000 to $5,000 varying with characteristics of the deal