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Apartment Loan
Quick Links |
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Large
Balance Apartment Loans |
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Small
Balance Plus Apartment Loans |
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Stated
Income Apartment Loans |
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Manufactured
Housing Loans |
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Banc-Series
Conduit Multifamily Loan
Program Guidelines
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The
Small Balance Conduit Multifamily Loan
Program guidelines are provided for
informational purposes only and do not constitute, or
should not be interpreted, to be an offer to make a
loan, a loan approval, or any other language that
implies that by meeting these basic requirements,
CommercialBanc will provide a loan. |
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Eligible Properties |
Multifamily properties with 5+units, and limited
mixed-use (HAP Contracts not permitted). |
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Loan Size |
$500,00
- $3,000,000
Up to $5,000,000 in select markets* |
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Pricing |
Tiered
pricing based on LTV and DSCR.
Rate buy downs are available. |
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Payment |
Standard
payment
2 year interest only payment options available. |
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Programs |
5, 7, and
10 year balloons.
25 and 30 year amortizations.
2 year interest only structures available on all
maturities, with pricing adjustment. |
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Prepayment |
The
greater of 1% OPB, or yield maintenance.
No prepay penalty during last 90 days of term. |
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Personal Guarantees |
Step-down recourse depending on LTV.
Non-recourse in select markets. |
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Minimum DSC |
1.15 at
30 year amortization in select CA markets**
1.20 at 30 year amortization.
Flexible historical DSC requirements. |
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Fees |
Fixed at
$15,500, due upon acceptance.
Property condition report required based on asset
condition/quality. |
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Loan-to-Value |
80% LTV
for purchases, rate and term refinance, and cash out
refinances. |
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Rate Lock |
30-day
forward lock available with U/W approval.
2% deposit credited at closing. |
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Lease Documentation |
All leases required.
For mixed-use properties, all leases must be submitted.
Monthly and annual leases acceptable. |
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Occupancy Requirements |
No less
than 90% for 90 days preceding closing.
Rent stabilization holdbacks are not allowed. |
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Title Requirements |
Title to
be ordered by CommercialBanc at borrower's cost. |
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Appraisal Requirements |
Appraisal to
be ordered by CommercialBanc at borrower's cost, no
exceptions |
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Supplemental Loans |
Supplemental loans available on all program structures.
Combined DSC and LTV limited to 1.25 and 80%. |
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Personal Credit
Requirements |
660
minimum credit score - lower credit scores accepted on a
case-by-case basis.
No personal bankruptcies in past 7 years. |
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Documentation Required
to Receive a Pre-Approval |
Credit
report on all guarantors
Property operating history for past two years
Year-to-Date property operating history
2 most recent years tax returns on all guarantors
Rent roll
Subject property pictures |
* Boston, New York City,
Washington D.C., Miami, Chicago, Los Angeles, Orange
County, San Diego, San Francisco. And select counties in
Florida, New York, Maryland, Connecticut, and
California.
** Los Angeles, San Diego, Orange County, and San
Francisco |
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