Apartment Loans and Multi Family ( 5+ Units)
Lenders Financing
Multi-Family Residential.
Our apartment loans and financing
lenders offer excellent
opportunity to analyze cost savings on commercial programs from $100,000 to $100 million and up.
These programs are part of a very competitive
sector of the commercial mortgage lending market. Lenders want your business
and are willing to compete on multi family units and apartment loans for
financing. Maximum Financial Inc. creates a competitive environment by
shopping your request for financing multifamily unit apartment loans to a wide variety of
competitive lenders. You will know the benefit of our unequaled efficiency
and service with a great program and with low fees.
Apartment loans and financing lenders mortgages are
available for multi-family properties 5 units and above.
Maximum Financial Inc. provides competitive programs for commercial
real estate ranging from $100,000 to $50 million.
Our goal is to be your primary source for the most appropriate
lenders and
beneficial apartment loans and financing solutions that gets you to your goals
Maximum Financial Inc. provides customized
solutions for commercial investors
across the nation. If you need to refinance an existing property or you need purchase money - we can help structure the
terms that meets your needs.
Typical Terms Offered By Typical
Lenders. ( If your need is not typical, that's where we excel. )
Note: These terms are not of any one specific
lender. They represent typical terms that we normally see in the market and are
not to be relied upon as a commitment to provide specific terms for specific transactions.
Maximum LTV:
Programs provide financing usually at 80% of
value or cost (whichever is lower).
For amounts under $2M, there are a few lenders that will go to 85% or 90% or will
allow secondary financing for a combined LTV of 85% to 90%.
Please Note: Most programs allow for
the seller to carry back a 2nd mortgage behind a new first mortgage with as little as 10% (less
sometimes) down.
Debt Service Coverage: The cash flow
from operations must be at least 1.00 to 1.20 times the mortgage payment.
Term: 3, 5, 7, 10, 15, 20 ,25
and 30 year terms are most common. Interest only and balloon notes are available.
Rates on Average:
- 10 year fixed = 10 yr US Treasury bill rate
+ 1.0% to 1.5%
- 15 and 20 year fixed = 10 yr Treasury + 1.5%
to 2.0%>
- 5 year fixed = 5 yr Treasury + 1.0% to 2.0%
- ARM = LIBOR + 1.5% to 2.0%
- Call for many more terms available.
Prepayment Penalties:
- 10, 15, 20 year fixed rates - typically
have prepayment based on "yield maintenance" or "defeasance".
- 3 and 5 yr fixed rate - typically have
a decreasing prepayment each year (e.g. 5%, 4%, 3%, 2%, 1%).
- Adjustable rate mortgages- typically have a
declining and smaller prepay penalty (e.g. 3%, 2%, 1%).
Recourse: Commercial programs may
or may not require recourse (personally guarantee). Case by case.
Closing Costs:
Borrowers are responsible for all due diligence and
closings costs (e.g. Appraisal, Phase 1 Environmental, site inspection, title,
etc)
- Under $3M - costs range from $3,000 to
$12,000
- Over $3M - costs can be $12,000 to
$20,000 or more.
- Request a custom
rate quote on apartment loans and financing
now.
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