Eligibility
Standard multifamily properties. Interest only and Senior Housing loans may be available on a waiver basis.

Loan amounts
$500,000 minimum. No maximum.

Term/amortization
5, 7 or 10 year term
Up to 30 year amortization

Interest rates
Floating based on 1 or 3 month LIBOR

Debt service coverage ratio
1.0x minimum at the cap rate as determined by the borrower

Loan to value
80% maximum

Interest rate cap choices
200 to 600 basis points available in 50 basis point increments

Personal recourse
Non-recourse with standard “Carve-Outs” and Key Principal obligations

Conversion option
Can convert to a 7 or 10 year fixed rate in months 13-60 of the ARM loan with nominal fee

Prepayment   
1 year lockout with 1% for the loan term or a declining prepay schedule

Origination fee
1% or less when applicable

Commitment fee
2% (refundable)

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required.

Minimum occupancy requirement
90% sustained for 90 consecutive days
(85% acceptable for special circumstances)

Replacement reserve impounds
Required - not less that $150/unit
(waiver considered for special circumstances)

Taxes and insurance impounds
Required
(may be waived for low leverage transactions)

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages   
Available after 1 year (up to 2 available, plus 1 more upon sale and assumption)

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