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Apartment Loan
Quick Links |
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Small
Balance Plus Apartment Loans |
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Small Balance Plus makes
getting your apartment building loan quick and easy!
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No lender points
No commitment fees
No outside legal fees
No application fees
No loan committees
No monthly/annual
reporting
30-45 day closings
Unlimited cash out refinances
Up to
30-year
fixed rates
and terms
No
personal or business tax return option
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Get pre-qualified today!
CommercialBanc charges no upfront fees or application fees!
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CommercialBanc
Small Balance Plus
Apartment Loan
Program
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CommercialBanc's
Small Balance Plus™ Apartment Loan
Program provides borrowers with loan
sizes under $1,000,000 competitive
apartment financing through a streamlined,
simplified loan process with fewer
fees, lower costs, and reduced
document requirements. |
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The
Small Balance Plus™ Apartment Loan
Program offers borrowers flexibility
with up to 90% apartment financing,
ability to combine personal income
and property income to help support
property cash flow, and relaxed
underwriting
guidelines to help
make qualifying
quick and easy. |
Small Balance Plus Apartment
Loan Program
Overview
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Small Balance Plus™
Apartment Loans are
available for loan
sizes up to
$1,000,000. For
conventional
apartment loan sizes
above $500,000,
CommercialBanc
recommends borrowers
first apply through
the
Banc-Series Small
Balance Apartment
Loan Program. |
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Apartment
Loan Sizes
$250,000 - $1,000,000* |
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15, 20,
30 Year Amortizations |
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6 Month, 2, 3, 7,
Year Fixed Rates |
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90% LTV /
95% CLTV |
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Seller 2nds Up to 20% |
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5%
Prepayment Penalty to 5 Years
20% Annual Principal Reduction With No Prepayment
Penalty |
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Minimum
1.25 DSCR
If Property Does Not Cash Flow, A Minimum Global DSCR of
.80 Applies |
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Impounds: Tax and Insurance |
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Standard PI Payment |
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Limited Appraisals - No New
Survey |
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Full Document -
Minimum 600 Credit |
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Annual
Leases Only - No Weekly/Monthly |
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Section 8 -
Subsidized Rents OK - |
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Interest
Rate Floor: Initial Start Rate
Margin: 325 BPS
6 Month LIBOR
CAPS: 1/5/6 |
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Property
management experience not required |
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Minimum
seasoning requirements on refinances |
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Available on 5 +
unit multifamily properties
and mixed-use properties
with less than 25% of
commercial usage |
Eligible
Property Types and Description
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Multifamily:
Structures containing five or more dwelling
units with common area facilities such as
entrances, lobby, elevator, stairs, mechanical
space, walks or grounds. Units must be rented on
a non-transient basis such that tenants consider
their unit their permanent residence.
Mixed-Use:
Mixed-use properties must contain at least one
commercial unit (retail, office, etc.) and at
least one residential unit. To be considered
mixed-use multifamily, the primary use must be
residential. If the predominant use is
non-residential, rate and term will change,
reflecting a commercial designation. |
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