Apartment Loan Rate Assumptions

Interest rates quoted represent the lowest rates available under the respective programs. Pricing available for excellent quality properties, strong sponsorship, and strong management. Property should be located in strong market sectors.

Fixed Rate Fully Amortizing Assumptions

-- Minimum loan size $500,000
-- Maximum LTV is 80% for purchases no cash out refinances, and cash out refinances. For loans above 75% LTV add 10 BPS to the rate.
-- Rates quoted assume a 150 BPS rate buy down. View complete rates here.
-- Subtract 10 BPS from the rate for properties under 75% LTV and a DSCR above 1.35x.
-- Rates fixed for the terms quoted. Upon conversion, rate will adjust to the 6 month LIBOR plus 2.50%.
-- Floor is initial interest rate minus 0.5%.
-- Interest only payment options require a rate increase of approximately 10 BPS.
-- Rates quoted assume a 60 day forward lock. $500 lock fee required.
-- In-house Mezzanine option to 85% CLTV available.
-- Prepayment is a declining percentage fee:
3 year fixed: 4, 2, 0
5 year fixed: 5, 4, 3, 2, 0
7 year fixed: 5, 5, 4, 3, 2, 1, 0
10 year fixed: 5, 5, 4, 4, 3, 2, 1, 1, 0
15 year fixed: 5, 5, 4, 4, 3, 2, 1, 1, 0

Fixed Rate Permanent Assumptions

-- Minimum loan size $1,000,000.
-- Rates quoted assume a 1% rate buy down. Add approximately 25 BPS to the rate for PAR pricing.
-- Rates quoted assume a 1% closing fee. Add approximately 25 BPS to the rate for PAR pricing.
-- Prepayment is yield maintenance up to 6 months to the end of loan term, followed by 3 months of 1% outstanding balance, then 3 months of open prepayment.
-- Prepayment for 30 year fixed rate option is yield maintenance of 15 years.

85% CLTV Mezzanine Option

A combined 85% CLTV is available with an in-house Mezzanine B Note, available only for qualified borrowers and properties.

-- Minimum combined DSCR of 1.05x.
-- 700 minimum credit score required.
-- B Note has a $100,000 minimum - $400,000 maximum loan size.