Multi Unit

TERMS 

 

PROPERTY TYPES

Single Family/2-4 Unit/Townhomes/PUD/ Warrantable Condos
5-8 Unit Properties allowed up to 15% of Loan Amount

LOAN AMOUNT

$150,000 – $50,000,000

LOAN TYPES

30-Year term, Fixed Rate Mortgage (Fully Amortizing)
5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing)

RECOURSE

Non Recourse with bad-boy carveouts and Pledge of Equity of Borrowing Entity

MAXIMUM LOAN TO COST

If Owned less than 3 months: 80% of Total Cost Basis
If Owned between 3 and 6 months: additional 5% haircut on Max Eligible LTV

MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)

Purchase/Rate-Term Refinance: 80%
Cashout Refinance: 75%

MINIMUM DEBT SERVICE COVERAGE RATIO

1.20x (Net Cash Flow/Debt Service)

TERM LENGTH

5, 10, and & 30 Years

MINIMUM GUARANTOR FICO

Mid-Score of 650

LEASE REQUIREMENTS

Minimum Occupancy Rate of 75% by Unit Count
– Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent
– Unleased Units: 90% of Market Rent (Purchase Loans only)