loan amounts

Small Balance - $1,000,000 to $5,000,000

Standard - $1,000,000 to $25,000,000

eligible property types

Multifamily properties with 5+ units (6 units in NY; 7 units in NJ)
Low-rise, garden style, townhouse, mid-rise, high-rise, detached / contiguous or attached complexes with five or more units, student housing, Section 8 subsidy; Mobile Home Parks (4-Star & 5-Star)

ineligible property types

Condo conversions; properties under construction or non-stabilized; properties under HAP contracts; flips

loan terms

Fixed Rate Terms: 3, 5, 7, 10 yrs; Amortization 30 yrs

max ltv

80% in most markets; 75% in smaller/tertiary markets

CLTV - no seller or subordinate financing allowed

Min dscr

1.15x - 1.20x

min occupancy

Typically 90% for the previous three months

prepayment penalties

Typically Step-Down; Yield Maintenance available

recourse

All loans are typically full recourse; non-recourse available at lower LTV

rate lock

60-day rate lock available

tax & insurance escrows

Not required

assumability

Loans are typically assumable subject to lender approval; subject to a 1.0% assumption fee

msa / markets

Nationwide. MSA requirements are typically 20,000 population within a 25 mile radius

borrower characteristics

Net worth: typically equal to or greater than the loan amount
Liquidity: 3-6 months post-closing liquidity (including 1031 accommodator acct)

min. fico

Typically 660 or above; lower scores may be acceptable based on mitigants

replacement reserves

Typically $200-300/unit (underwritten, not collected)

operating expenses

Typically underwritten to a minimum 30%-35% Operating Expense Ratio