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Apartment Building Financing Guidelines

Multifamily apartment and mixed use apartment financing for loans under $5 million. 

Commercial Apartments and Mixed Use 5-35 Units 30 yr Term Guidelines & Pricing:
Loan Amount: $250k-$5M
LTV of Purchase price: up to 75%
LTV Rate and Term refinance: up to 75%
LTV Cash out Refinance: up to 70%
Minimum As-Is Appraised Value: $250k
Collateral: Commercial apartments 5 – 20 units
Rate: Starting at 5.25%
Points: Vary based on loan amount
30 Year Term w/ Multiple Amortization Options
5 Year Interest-Only Option (25 Year Amortization Post-IO Period)
7 Year Interest-Only Option (23 Year Amortization Post-IO Period)
10 Year Interest-Only Option (20 Year Amortization Post-IO Period)
30yr Fixed Rate available for 5-8 units
5/7/10 Hybrid ARM Options (Fully Amortizing)
Credit Score: 680 Minimum
Prepayment Penalty: 3yr or 5yr Year declining


Eligible Property Types: Apartments residential 5+ units, Mixed Use (apartment residential with retail and/or commercial up to 49% of space and income.

Loan Term and Amortization: Maximum 30 Years.

Maximum LTV: 75% for purchase (LTV's for purchases will be restricted to the lesser of the purchase price or the appraised value). 70% for refinance (Cash-out: If purchase less than 6 months, purchase price, purchase date and amount of rehab/ capital improvements)

DSCR: Apartment must have a DSCR > 1.20.  DSCR is defined as NOI before debt service as determined by the Underwriting Department divided by debt service at the start rate for 3, 5, 7, and 10 year products.

Occupancy: No less than 90%.

Tax and Insurance Impounds ("T&I"): Tax and insurance may be escrows required.

Borrower: Individual(s), Sole Proprietorships, Trusts, Partnerships (General and Limited), Limited Liability Corporations, Corporations and Joint Ventures are eligible.

Personal Guarantees/Recourse: Generally, the loan is a full legally enforceable financial recourse to an individual as borrower or as guarantor.  Non-recourse avialable.

Reserves: Minimum cash liquidity is 9 months PITI.

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