Small Mortgage Loan Program
The streamlined loan process for fixed- and variable-rate Mortgage Loans up to $9 million nationwide.
Competitive Advantage Term Sheet (PDF)
Benefits
- Low cost of execution
- Competitive rates
- Delegated model provides Lenders and Borrowers speed of execution
- Team with experience and scale to support this unique market
- Single asset security allows the most flexibility in the market
- Extensive experience serving the small loan market
- Streamlined third-party reports
Eligibility
- Conventional Properties; Multifamily Affordable Housing Properties; and Manufactured Housing Communities
- Existing, stabilized multifamily Properties
- Properties with 5 or more units
- Loans for acquisition or refinance
Loan Amount
Up to $9 million nationwide
Term
5 - 30 years.
Amortization
Up to 30 years.
Interest Rate
Fixed- and variable-options available.
Maximum LTV
80%.
Minimum DSCR
1.25x.
Supplemental Financing
Supplemental Mortgage Loans are available.
Prepayment Availability
Flexible prepayment options available, including yield maintenance and declining prepayment premium.
Rate Lock
30- to 180-day commitments. Borrowers may lock a rate with the Streamlined Rate Lock option.
Accrual
30/360 and Actual/360.
Recourse
Non-recourse execution is available with standard carve-outs for “bad acts” such as fraud and bankruptcy.
Escrows
Replacement reserves, tax, and insurance escrows are typically required for higher leverage transactions.
Third-Party Reports
Streamlined inspection and Environmental Screening using the ASTM E-1528-14 protocol.
Assumption
Non-recourse loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.
