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income property > adjustable rate
mortgage -- Easy In/Easy Out
Adjustable Rate Mortgage: Easy In/Easy Out
This variable rate program is ideal for properties/borrowers that want
an easy, less expensive loan program. By choosing a variable rate
program, third party reports are reduced to just an appraisal and
environmental report, there are usually no legal fees and costs are
limited to document and underwriting costs, generally under $1000.
Most importantly, the loans can be arranged within 45 days, and
prepayment penalties can be as low as 1% for the first two years, then
nothing further.
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Product Description |
Loans for purchase, refinance or rehab |
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Minimum Loan Amount |
$1,000,000 |
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Maximum Loan-to-Value |
75%
commercial; 80% apartments |
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Minimum Debt Service Coverage |
1.20 |
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Loan Terms |
10
years; 7 & 15 terms available |
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Loan Fee |
1% |
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Amortization |
25 –
30 years based on age & condition |
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Rates |
Multifamily Interest Rates
Commercial Interest Rates |
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Prepayment |
1%
of loan amount for first two years, none thereafter |
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Secondary Financing |
Generally permitted with Lender approval |
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Assumability |
Allowed with approval for 1% fee |
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Borrower |
Any
Legal Structure |
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Recourse |
Generally required but may be negotiable |
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Lending Area |
Arizona, California and Nevada |
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Caps |
5.5%
floor; cap is 5% over start rate |
Financial Advantage has extensive resources to structure your financing
requirements. The best method is to contact an
Account Executive for details.
Please contact an
Account Executive
Rate and
terms subject to change without notice
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