CRE Permanent Financing

Non-recourse, assumable fixed rate financing for the acquisition or refinance of stabilized multifamily rental, cooperative properties, and commercial properties.

Loan Terms

*General Terms are for reference only*

Loan Amount:

$2,000,000 - $100,000,000

Loan Term:

3, 5, 7, 10, or 15 Year Balloon; 20, 25, or 30 Year fully amortizing


25 or 30 Years, based on property condition; interest only financing is available. 

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, plus 3% closing costs, or b) appraisal; Commercial Properties Max LTV typically 65% - 75% 

Interest Rate:

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

Prepayment Terms:

Yield Maintenance with no lockout, defeasance, or fixed, step-down prepayment schedules

Third Party Reports:

MAI Appraisal, Physical Needs Assessment, and Environmental Phase I Assessment are required, plus Seismic Report may be required for properties in Seismic Zones 3 and 4


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: 

$10,000 - $25,000; Covers 3rd Party reports and processing/underwriting costs

Legal Fees: 

$8,000 to $12,000 varying with characteristics of the deal


Loan is assumable, subject to lender approval of proposed replacement borrower; Fees include 1% assumption fee, and a $3,000 processing fee to cover lender’s underwriting expenses