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Apartment Loan
Quick Links |
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Large
Balance Apartment Loans |
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Manufactured
Housing Loans |
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Banc-Series™ minimizes out
of pocket expense, both initially and long-term with:
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No lender points
No commitment fees
No outside legal fees
No Application fees
Capped closing fee of
only $5,500, including lender costs and third party
reports, for loan sizes up to $5 million
Reduced impound
requirements
Eliminate interest rate risk and refinance costs
with 30 year no balloon terms
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Banc-Series
Apartment Loan
Program Underwriting
Guidelines
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Banc-Series™
small balance apartment 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 apartment
financing. |
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Eligible Properties |
Existing apartment properties with 5+units, and limited
mixed-use, under 25% of revenue from commercial use.
Mobile home parks with 15 or more pads |
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Loan Size |
$500,00
- $5,000,000 |
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Pricing |
3, 5, 7,
10, & 15 year fixed rate options. |
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Programs |
3, 5, 7,
& 10 year fixed terms followed by floating rate periods
to 30 years.
15 year fixed fully amortized.
2, 3 and 5 year interest only payment options available. |
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Payment |
Standard
payment
2, 3 and 5 year interest only payment options available
with credit score above 700. |
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Rate Adjustments |
5/1/6
CAP
Index: 6 Month LIBOR
Margin: 2.500%
Floor: Initial rate minus .5% |
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Prepayment |
3 year - 4, 2, 0
5 year - 5, 4, 3, 2, 0
7 year - 5, 5, 4, 3, 2, 1, 0
10 year - 5, 5, 4, 4, 3, 2, 1, 1, 0
15 year - 5, 5, 4, 4, 3, 2, 1, 1, 0 |
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Personal Guarantees |
Required
Guaranty drops to 50% with LTV below 75%.
No recourse at 50% LTV. |
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Minimum DSC |
1.20
based on actual loan constant. |
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Fees |
Fixed at
$5,500, due upon acceptance for multifamily properties
and $7,500 for mobile home parks. $795 Processing fee
required.
Property condition report required based on asset
condition/quality. |
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Loan-to-Value |
80% LTV
for purchases and rate and term refinance.
75% cash out
refinances. |
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Lease Documentation |
Substitute three months subject property bank statements
for leases.
For mixed-use properties, all leases must be submitted.
Monthly and annual leases acceptable. |
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Rate Lock |
60-day
forward lock |
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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 Lender at borrower's cost. |
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Appraisal Requirements |
Appraisal to
be ordered by Lender at borrower's cost, no
exceptions. |
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Personal Credit
Requirements |
640
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 for all guarantors
Past two years property operating history
Year-to-Date property operating history
2 most recent years tax returns on all guarantors
Rent roll
Subject property pictures |
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