New Multifamily Loan Program
Never any upfront fees to evalute the deal!
Lowest Rate Multifamily Loan in the NATION!!
- Available For Multifamily properties for purchase or refinance-
- $750K- $5M for this program- Higher amounts possible case by case…
- Available for A,B,C class properties-
This loan is:
- Available anywhere in the US.
- Up to 80% LTV except for following markets:
- Michigan, Ohio, Nevada: 60% Max LTV
- Florida: 65% Max LTV
Two Pricing Platforms Available:- Fixed Rates/ ARM
This is a Fannie Based Product
Pricing is SOOO good because this is direct wholesale pricing (No lender mark-up)
Fixed Rate Program:
- Based of 10 Yr Treasury Index: (Today is 3.0%)
- 5,7,10 Yr Terms available.
- 30 yr Amortization (Very important as most bank products are 20- 25 yr am max)
- Rates as of today: (subject to change)
- 5yr: 75% LTV: 4.72%, 65% LTV: 4.52%, 55%LTV: 4.32%
- 7yr: 75% LTV: 5.09%, 65% LTV: 4.89%, 55% LTV: 4.79%
- 10yr: 75% LTV: 5.69%, 65% LTV: 5.49%, 55% LTV: 5.29%
ARM Program:
- 7 yr ARM based off the One Month Libor Index: (Today is .19%)
- Current Rates: (Subject to change)
- Up to 80% LTV/1.25x DCR – 1-mth LIBOR+2.71%
- Up to 65% LTV/1.35x DCR – 1-mth LIBOR+2.51%
- Up to 55% LTV/1.55x DCR – 1-mth LIBOR+2.49%
Interest only:
- Up to 80% LTV/1.25x DCR – Not available
- Up to 65% LTV/1.35x DCR – 3-years available
- Up to 55% LTV/1.55x DCR – 7-years available
Who Qualifies??
- Borrower needs: - Decent credit (small blemish can be overcome)
- At least three yrs multifamily experience
- Collective Net-worth equal to loan amount.
- At least 10mos payments equivalent in liquidity.
- 20% Equity (Down-payment for purchase)
Any Negatives??
- These have fairly stiff Prepayment penalties-
- Based on Yield Maintenance: (Rule of thumb: When Rates are increasing, PP is substantially reduced, when rates are declining, PP is substantially increased)
- Counter: This loan is ASSUMABLE.
Program Highlights
- NO Tax Returns required!!
- Non Recourse!!
- Blind Cash Out!! (cash can be used for any purpose)
- Yield Spread Paid on Every Deal!! (NEVER disclosed on the closing statement)
- 30 yr Amortization- And WHOLESALE rates!!
- 45-60 Day closings!!
- Always Assumable!!
- 91% Apps to closing ratio!!!!!!!!!
Recently Funded Multifamily Transactions
- Type: Cash out Refinance
- Closed: 03/08/11
- $840,000 Loan amount
- 71% LTV
- Term: 7 Yrs
- Rate: 5.93%
- Savings to borrower: $19,318 p/yr!!
- Type: Rate/Term Refinance
- Closed: 03/30/11
- $745,000 Loan amount
- 80% LTV
- Term 7 yrs
- Rate: 5.93%
- Savings to borrower: $5,359 p/yr
- Type: Multifamily Purchase
- Closed 05/05/11
- $3.9M Loan amount
- 78% LTV
- Term 7 Yrs
- Rate: 5.49%
- Savings to borrower: $61,000 p/yr
- Type: Refinance
- Closed 05/05/11
- $707,800 Loan amount
- 80% LTV
- Term 7 yrs
- Rate: 5.78%
- Savings to borrower: $8,910 p/yr
Call!
Larry Raines (Loan Specialist) Direct Lender AllianceOffice: 866-406-7385 (voice or fax) Fax: 866-406-7385 (voice or fax)
(feel free to fax your info in as well)
[email protected]
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