Get documents about "Multifamily Programs
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- 10/9/2011
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Document Sample
PROGRAM DETAILS:
Apartment / Multifamily
STANDARD PROGRAM
LOAN AMOUNTS: $ 250,000 - $ 25,000,000
Loans $250,000 – $500,000 may be subject to small loan rate increase (subject to lender)
PROPERTY TYPE: Multi-Family 5+ Units
Mixed-use with > 50% commercial income
Mobile Home Parks
TERM: 6 Month Arm
3, 5, 7, 10 Arms
5, 7, 10 Balloons
15 & 30 Year Fixed (Fully Amortizing)
AMORTIZATION: 40 Year amortizations NOW AVAILABLE
30 Year amortizations standard on all products
15, 20 & 25 Year amortizations also available
LOAN-TO-VALUE: Maximum 85% LTV Purchases
Maximum 80% LTV Cash-out & R&T Refinances
85% to 100% LTV’s possible with seller carry-backs*
*Subject to Lender Approval
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “A” to “D” – Average and above properties
(No more than 5% deferred maintenance required)
(Mixed-use considered with no more than 50% if income from commercial use)
DEBT SERVICE COVERAGE: 1.20x DSCR
RECOURSE: Full recourse and
Non-recourse available with standard carve-outs
RATE LOCK: 60 days rate lock available at the time of registration
(Rate lock deposit refundable post closing)
Rates are subject to change daily
CREDIT: Minimum 660+ average credit score
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management contract
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: Appraisal
Site Inspection
Environmental (phase I or II)
Property Conditions Assessment
Deposit for third party reports are due at loan registration
LOAN SUBMISSION PACKAGE: Personal Financial Statements on ALL Borrowers
Credit Authorization (signed) ALL Borrowers
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
INTEREST ONLY
PROGRAM
LOAN AMOUNTS: $ 500,00 to $ 25,000,000
PROPERTY TYPE: Multi-Family
TERM: 3 Year Arm (Full Term)
5 Year Arm (Full Term) and (Partial I/O Structure)
7 Year Arm (Partial I/O Structure)
10 Year Arm (Partial I/O Structure)
AMORTIZATION: 30 year amortizations available on all standard products*
*15, 20 & 25 year amortizations also available
LOAN-TO-VALUE: Maximum 80% LTV on refinance and acquisition’s
85% to 100% LTV’s possible with seller carry-backs*
*Subject to Lender Approval
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “A” to “D” – Average and above properties
(minor deferred maintenance considered)
DEBT SERVICE COVERAGE: 1.20X DSCR
RECOURSE: Full recourse and
Non-recourse available with standard carve-outs
CREDIT: Minimum 700+ middle credit score
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management under contract
PRICING: Based on posted rates that are subject to change daily.*
*.10% to .125% Adjustment to rate depending on lender
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: • Appraisal
• Inspection
• Environmental (phase 1)
Deposit for third party reports are due at loan registration
LOAN SUBMISSION PACKAGE: Personal Financial Statements on ALL Borrowers
Credit Authorization (signed) ALL Borrowers
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
LARGE BALANCE
CONDUIT PROGRAM
LOAN AMOUNTS: Standard Loan Programs
$ 5,000,000 - $ 100,000,000.00*
PROPERTY TYPE: Multi-Family
Mobile Home Parks
Mixed Use
TERM: 5 Year Balloon
7 Year Balloon
10 Year Balloon
(Interest Only structures available (May require an increase to rate)
AMORTIZATION: 30 year amortizations available on all conduit products
LOAN-TO-VALUE: Maximum 80% LTV on Refinances and Acquisition’s
• 85 to 90% LTV’s possible with Mezzanine financing *
*upon underwriting review and mezzanine financing qualifications
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “A” to “C” – Average and above properties
(minor deferred maintenance considered)
DEBT SERVICE COVERAGE: 1.25 DSCR
RECOURSE: Non-recourse with standard carve-outs
Yield Maintenance prepayments may be substituted instead of defeasance.*
*There may be an adjustment to rate
CREDIT: Credit score is not a determining factor on conduit program
Background checks may be a requirement of lender
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management under contract
PRICING: Based on posted rates that are subject to change daily.
30 days rate lock available after loan commitment is issued*
*rates are subject to change daily until locking is complete
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: • Appraisal
• Inspection
• Environmental (phase 1)
• Environmental (phase 2)(If Applicable)
*Loan Commitment deposit is required for reports on all conduit loans.
LOAN SUBMISSION PACKAGE: Personal Financial Statements on ALL Borrowers
Credit Authorization (signed) ALL Borrowers
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
EXPRESS PROGRAM
LOAN AMOUNTS: $ 250,000 - $ 1,000,000
PROPERTY TYPE: Multi-Family
TERM: 3 Year Arm
5 Year Arm
7 Year Arm
10 Year Arm
AMORTIZATION: 30 year amortizations available
LOAN-TO-VALUE: Maximum 80% LTV on acquisition’s
75% on Rate & Term and Cash Out refinances
LTV is tier based on credit score
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “A” to “C” – Average and above properties
DEBT SERVICE COVERAGE: 1.00X DSCR to 1.15X DSCR
DSCR is tier based*
Consult with Cincinnati Commercial Capital Representative to determine DSCR requirement
RECOURSE: Full Recourse
CREDIT: Tier graded credit
700 to 700+ “A”
680 to 699 “B”
640 to 670 “C”
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management under contract
PRICING: Based on posted rates that are subject to change daily.
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: • Appraisal
• Inspection
• Environmental (phase 1)
Deposit for third party reports are due at loan registration
LOAN SUBMISSION PACKAGE: Personal Financial Statements on ALL Borrowers
Credit Authorization (signed) ALL Borrowers
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
SMALL BALANCE/
HIGH LTV MEZZANINE
LOAN AMOUNTS: $ 100,000 - $ 400,000
PROPERTY TYPE: Multi-Family
Mobile Home Parks
Mixed Use properties > 25% commercial income
TERM: 5 Year Note
7 Year Note
10 Year Note
AMORTIZATION: 30 year amortizations
LOAN-TO-VALUE: Maximum of 85% Combined loan to value*
Structured as a 5% or 10% loan
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “A” to “C” – Average and above properties
(mixed use considered with no more than 25% if income from commercial use)
DEBT SERVICE COVERAGE: Combined DSCR of 1.05X (Including debt service from 1st and 2nd mortgage)
RECOURSE: Full Recourse
CREDIT: Minimum 660+ middle credit score
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management under contract
PRICING: Pricing is based on loan term
REPORTS: • Appraisal
• Inspection
• Environmental (phase 1)
Deposit for third party reports are due at loan registration
LOAN SUBMISSION PACKAGE: Personal Financial Statements on ALL Borrowers
Credit Authorization (signed) ALL Borrowers
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
NO DOC/ NO RATIO
LOAN AMOUNTS: $ 500,000 - $ 5,000,000+
PROPERTY TYPE: Multi-Family 5+ Units
TERM: 3 Year Arm
5 Year Arm
7 Year Arm
AMORTIZATION: 30 Year amortizations standard on all products
LOAN-TO-VALUE: Maximum 70% LTV Purchases
Maximum 65% LTV Cash-out & R&T Refinances
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “B” or better properties
(No significant deferred maintenance)
DEBT SERVICE COVERAGE: 1.25 for Purchases
1.30 for Refinances
RECOURSE: Full recourse and
Non-recourse available with standard carve-outs at lower LTV*
*Subject to lender approval
RATE LOCK: $250 non-refundable, 60 day rate-lock available at time of approval or after conditional approval.
($2500 for loan $3MM+)
Rates are subject to change daily until rate is locked
CREDIT: Minimum 700 average credit score for primary guarantor with no mortgage derogs within past 36 months
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management contract
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: Appraisal
Site Inspection
Environmental (phase I)
Property Conditions Assessment
Deposit for third party reports are due at loan registration
LOAN SUBMISSION PACKAGE: Personal Financial Statements on Borrowers
Credit Authorization (signed)
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
CONDUIT BUSTER
LOAN AMOUNTS: $ 500,000 to $ 5,000,000+
PROPERTY TYPE: Multi-Family
TERM: 10 year Fixed
AMORTIZATION: 30 year amortization
LOAN-TO-VALUE: Maximum 80% LTV on acquisition’s
Maximum 80% for R&T refinance and cash-out refinances
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “B” or better property
NO MIXED USE
(No significant deferred maintenance)
DEBT SERVICE COVERAGE: Minimum 1.15 DCR for acquisition and R&T refinance
Minimum 1.20 DCR for cash-out refinance
RECOURSE: Full Recourse. Non-recourse available with standard carve-outs at lower LTV*
*Subject to lender approval
RATE LOCK: Rate lock fee is $500 non-refundable fee in addition to a 1% rate lock deposit refunded at closing*
*Rates are subject to change daily until rate is locked
CREDIT: Minimum 700 middle credit score on primary guarantor with no mortgage derogs within past 36 months
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management under contract
PRICING: Based on posted rates that are subject to change daily.
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: Appraisal
Inspection
Environmental (phase 1)
Environmental (phase 2) (If Applicable)
Deposit for third party reports are due at loan registration
LOAN SUBMISSION PACKAGE: Personal Financial Statements on Borrowers
Credit Authorization (signed)
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
PROGRAM DETAILS:
Apartment / Multifamily
SMALL BALANCE
CONDUIT PROGRAM
LOAN AMOUNTS: $ 1,000,000 - $ 5,000,000
PROPERTY TYPE: All property types
TERM: 5, 7, 10 Year Fixed balloons
Interest Only structures available*
*May require an increase to rate
AMORTIZATION: 30 year amortizations available on all conduit products
LOAN-TO-VALUE: Maximum 80% LTV on refinance and acquisition’s
• 85 to 90% LTV’s possible with Mezzanine financing *
*upon underwriting review and mezzanine financing qualifications
PROPERTY LOCATION: Nationwide
PROPERTY QUALITY: “A” to “C” – Average and above properties
(minor deferred maintenance considered)
DEBT SERVICE COVERAGE: 1.25 DSCR
RECOURSE: Non-recourse with standard conduit carve-outs
PREPAYMENT: Defeasance*
*Yield Maintenance prepayments may be substituted instead of defeasance subject to lender approval
RATE LOCK: Free for 60 days with a 2% deposit refunded at closing, can be locked up to 6 months prior to closing
CREDIT: Credit is not of concern on conduit program
Background checks may be a requirement of lender
MANAGEMENT REQUIREMENTS: Experience in similar type/size property, or professional management under contract
PRICING: Based on posted rates that are subject to change daily.
*rates are subject to change daily until locking is complete
RISK BASED PRICING: All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered
borrowing structures and other exceptions to the stated underwriting guidelines.
REPORTS: • Appraisal
• Inspection
• Environmental (phase 1)
• Environmental (phase 2)(If Applicable)
*Loan Commitment deposit is required for reports on all conduit loans.
LOAN SUBMISSION PACKAGE: Personal Financial Statements on Borrowers
Credit Authorization (signed)
Rent Roll with Unit Identification
Historic Operating History
Year 2005, 2006 and year to date 2007
Capital Improvements Summary
Year 2005, 2006 and year to date 2007
At least (5) different photos of subject property
Copy of Purchase Contract (Purchase)
11224 Cornell Park Drive • Cincinnati, OH 45242 • 513-247-7859
