Property types
Garden, mid and high-rise apartments, co-ops and senior housing

Loan amounts
$3 million minimum. $15 million maximum. (larger loans considered on a case-by-case basis)

Forward commitment term
12 to 36 months
(extensions available during construction)

Term/amortization
18 to 30 year terms (with tax credits)
10 to 30 year terms (without tax credits)
Up to 30 year amortization available

Interest rate
Credit enhancement available for both fixed and variable rate bonds

Personal recourse
None, except for typical lender "Carve-Outs"

Debt service coverage
1.20x minimum (standard)
1.15x with hud Risk Sharing

Loan to value
85% maximum (standard)
90% maximum with hud risk sharing

Prepayment   
Prepayable in full, subject to applicable yield maintenance

Origination fee
Required (varies by loan amount)

Commitment fee
Required (refundable)

Third party fees
Includes appraisal, environmental, and engineering reports

Minimum occupancy requirement
90% for 90 days prior to loan conversion

Replacement reserve impounds
Typically required

Taxes and insurances impounds
Required

Available only in select regions. Contact us to find out if your property qualifies.

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