income property > fixed rate loan
rolling into an ARM
Fixed Rate Rolling Into Adjustable Rate
Mortgage
Fixed Rate Floater: This loan features a 15-year maturity. It
begins with a fixed rate for 3, 5, 7 or 10 years and then converts to
a variable rate for the remainder of the term.
The rate is locked upon application.
Prepayment fee is only 6 months interest after initial 2-year lockout
period.
Multifamily
Interest Rates
Commercial Interest Rates
No
Legal Fees, No Reserve Accounts & No Yield Maintenance
|
Product Description |
Fixed Rate Loans with Low Prepayment Fees |
|
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 |
Please contact an
Account Executive
Rate and
terms subject to change without notice
|
