Multifamily & Mixed-Use Light Rehab Loan

multifamily & mixed use

Purchase or Refinance with Rehab

Lending area:     Nationwide
Loan Amount:    $500,000 -$20 million
LTC:                       85% (Purchase Price, loan payoff, hard and                                 soft costs) up to 75% ARV
Rate:                     7.75% interest only on funds drawn
Origination Fee:  Varies Non-recourse (25 bps to 50 bps)
Term:                    24 months with two 1 year extensions
Property Type:    5 units +
Prepay Penalty:   None
DSCR:                    In place not applicable; take out DSCR                                         1.20X with agency debt assumption of 2                                       year proforma NOI and local property type                                 cap rate
Liquidity:             9 months payments + 20% of rehab budget
Net Worth:          Equal or greater than loan amount up to $5                                million
Banruptcy:          None during the past 7 years
Foreclosure:       Short Sales and deed in lieu, none in the                                      past 4 years
Foreign Nationals:   OK
Subordinate Debt: Not permitted
Credit:                   680+
Tax Returns:         NO tax returns, income verification or                                   upfront fees