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Apartment Loan
Quick Links |
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Affordable
Housing Loans |
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CommercialBanc
Affordable Housing
Loan Program
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CommercialBanc
provides permanent
long-term financing
for the acquisition
or refinancing of
existing, stabilized
affordable housing
properties with
income and rent
restrictions that
comply with the Low
Income Housing Tax
Credit Program.* |
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CommercialBanc's
seasoned,
experienced
multifamily loan
specialists
understand the
special needs
financing
requirements of
affordable housing
properties and can
properly structure
each borrower's
affordable housing
loan request to
ensure successful
execution at the
lowest fixed-rate
pricing, with the
most advantageous
terms. |
Permanent Financing
Overview for LIHTC
Properties
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Eligible Properties |
Well-built,
well-maintained stabilized rental properties with a
minimum of 7 years left of LIHTCs. |
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Remaining compliance period plus 3
years can't exceed 30 years. |
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Eligible
Borrowers |
Owners and Operators with a proven
track record in the affordable
housing rental market. |
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Property must be owned by a single
asset or single purpose entity. |
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Loan Size |
$1,000,000 -
No Maximum |
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Pricing |
Fixed rate
terms available from 5-30 years. |
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Prepayment Provisions |
Yield Maintenance
- Prepayable at any time: subject to a yield maintenance
formula. |
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Amortization |
Up to 360
months |
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Maximum LTV |
Up to 90%
of restricted rental value. |
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Occupancy |
90%
stabilization required for 90 consecutive days prior to
funding. |
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Reserves |
Tax and
insurance escrows are required. Replacement reserves and
repairs as determined by property inspection and
engineer's report. |
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Recourse |
Non-recourse, standard carveouts apply but may be waived
for 100% LIHTC properties. |
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Rate Lock |
Rates are
fixed at a minimum of 10 days prior to closing.
Refundable rate lock fee required. |
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Supplemental Loans |
Supplemental multifamily loans are available after 12
months. Combined DSC of only 1.25x required. |
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