Multifamily Loan Program Matrix

SMALL BALANCE
MULTIFAMILY		 CORE
MULTIFAMILY		 FANNIE MAE DUS
MULTIFAMILY
Eligible Property
Garden Style and Mid-Rise to High Apartments, Mobile Home Parks, and Mixed Use Garden Style and Mid-Rise to High Apartments, Mobile Home Parks, and Mixed Use Garden Style and Mid-Rise to High Apartments, and Mixed Use
Loan Size
$750,000 - $5,000,000 $1,000,000 - $25,000,000 $750,000 - $50,000,000
Amortization
Term
 30 Years
3, 5, 7, 10, 15 Year Fixed 		30 Years
ARM, 5, 7, 10 Year Fixed 		30 Years
5, 7, 10, 15 Year Fixed
Interest Only Feature
 Up to 5 yrs N/A Up to 5 yrs
DSCR
 1.20x
1.25x for Mobile Home Parks		 1.20x 1.20x
Owner's Draw
 n/a n/a n/a
RECC Origination Fee
 1.0%, collected at closing. Call for quote on PAR pricing No Fee 1.0%, collected at closing. Call for quote on PAR pricing
Loan Security
 First Lien Only, no secondary financing First Lien Only, no secondary financing First Lien Only, no secondary financing
Loan-to-Value
 80% Maximum 80% Maximum 80% Maximum
Credit Score
 Min. 680, with no mortgage lates, public records Min. 660, with no mortgage lates, public records Min. 660, with no mortgage lates, public records
Rate Lock
 60 Day lock available, 1.0% due at time of lock 60 day lock available for .125% add to rate for purchase 60 Day lock available, 1.0% due at time of lock
Replacement Reserves
(Cap Ex)
 $250 per unit $250 per unit $200-$300 per unit
Prepayment Penalty
 Graduated Step-down or
Yield Maintenance		 ARM - 3,2,1
5yr. - 5,4,3,2,1
7 yr. - 5,5,4,4,3,2,1
10 yr. - 5,5,4,4,3,3,2,2,1,1		 Graduated Step-down or
Yield Maintenance
Interest Only Option
 Add .125% to rate Add .125% to rate Add .125% to rate
Deferred Maintenance
 Health and Safety Health and Safety Health and Safety
Management
 Minimum 5% Management Fee Minimum 5% Management Fee Minimum 5% Management Fee
Recourse
 Full or Non-Recourse Full or Non-Recourse Full or Non-Recourse
3rd Party Fees Collected at Signed Application
 Loan < $2,000,000 - $3,500
Loan > $2,000,000 - $4,500
Mobile Home Parks and Mixed Use - $4,700		 Loan < $2,000,000 - $8,500
Loan > $2,000,000 - $10,000
Mixed Use - $8,500		 Loan < $1,000,000 - $3,000
Loan > $1,000,000 - $6,000
Processing Fee
 $2,500 (Covers lender legal, Processing and Docs) collected at closing $2,000 (Covers lender legal, Processing and Docs) collected at closing Included
Assumability
 1% Fee 1% Fee 1% Fee

 

 

RECC Loan Programs

Standard Multifamily

Small Balance Multifamily

Fannie Mae DUS / HUD

Office / Retail / Industrial

Small Balance Commercial