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Apartment Loan
Quick Links |
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Large
Balance Apartment Loans |
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The 3MaxExpress™ multifamily loan program provides
highly competitive and flexible apartment financing.
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Streamlined loan process
Streamlined third party
reports
Up to 30 year fixed
terms
Cash or MBS execution
Ability to finance up to
3% of closing costs
Flexible prepayment
options
Aggressive pricing
Balloon or fully amortizing loans
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Fannie Mae
3MaxExpress™
Multifamily Loan
Program Overview
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The Fannie Mae
3MaxExpress™ small balance
apartment loan program
is designed to simplify and
streamline the loan process while
offering flexible terms, competitive
pricing, and reduced document
requirements: with lower transaction
costs, some of which may be
financed. Tiered risk-based pricing
ensures lowest rates. |
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Contact a
Multifamily Lending
Expert at
1-888-706-BANC, to
learn how
CommercialBanc can
customize a
multifamily loan to
best meet your
apartment financing
needs. |
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Eligible Multifamily Properties |
Available
for the acquisition or refinance of multifamily housing
properties with a minimum of 5 individual units. |
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Multifamily Loan Size |
$500,00
- $3,000,000. Apartment loans sizes to $5 million are available in
select markets including: San Francisco, San Diego,
Orange County (CA), Los Angeles, Chicago, Miami,
Washington (DC), New York, Boston. |
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Pricing |
5-30 year fixed
rates are available. |
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Multifamily Loan Terms |
Up to 30
years. |
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Maximum LTV |
Refinance 80%
Acquisition 80% plus up to 3% approved closing costs.
85% available through DUS Plus Program. |
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Recourse Requirements |
Recourse is
required for multifamily loan sizes below $1,500,000.
Non-recourse is available for multifamily loan sizes above
$1,500,000, standard carve-outs apply. |
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Prepayment |
Borrowers
may select:
Graduated Prepayment Premium
Defeasance
Yield Maintenance |
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Personal Guarantees |
Personal
guarantees required by all borrowing entity owners.
Guaranty drops to 50% with LTV below 50%.
No recourse required at 50% LTV. |
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Minimum DSC |
1.25:1 based on actual loan constant. |
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Rate Lock |
30 to 90
day commitments are available with an extended rate lock
option to 365 days. |
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Occupancy Requirements |
No less
than 90% for 90 days preceding closing.
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Minimum Vacancy and
Collection Loss |
For
properties with 5 to 10 units, greater of market,
actual, or 10%. For properties with 11 or more units,
greater of market, actual, or 5%. |
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3rd Party Reports |
Limited
Appraisal
Streamlined Physical, Environmental, & Seismic Required. |
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Assumption |
Assumable
at Lender discretion. |
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Eligible Borrowers |
Creditworthy borrowers, must be U.S. citizen. |
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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 |
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