Variable/Convertible Loan: This loan is a 10-year variable rate
with an option to convert to a fixed rate at any time within the first
3 years to 3, 5, 7 or 10 year fixed rate term at No Additional Fee.
The variable rate is based on the 3 Month LIBOR plus a spread. Please
call for current rates. No prepayment fee after the first year unless
converted to the fixed rate.
Loan Fee is 1% for loans over $1,000,000
No Legal Fees, No Reserve Accounts & No Yield Maintenance
|
Product Description |
Adjustable Rate with Option to Convert to Fixed Rate. |
|
Minimum Loan Amount |
$1,000,000 |
|
Maximum Loan-to-Value |
75%
commercial; 80% apartments |
|
Minimum Debt Service Coverage |
1.20 |
|
Loan Terms |
10
years; 7 & 15/15 terms available |
|
Loan Fee |
1% |
|
Amortization |
25 –
30 years based on age & condition |
|
Rates |
Multifamily Interest Rates
Commercial Interest Rates |
|
Prepayment |
Declining percentage over 3 to 5 years |
|
Secondary Financing |
Generally permitted with Lender approval |
|
Assumability |
Allowed with approval for 1% fee |
|
Borrower |
Any
Legal Structure |
|
Recourse |
Generally required but may be negotiable |
|
Lending Area |
Arizona, California and Nevada |
