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Small Balance Multi-Family Perm
Multifamily & Mixed Use (9+ Units) Single Properties Only
Property Type:
9-50 Unit Non-Owner Occupied Multifamily Housing
Mixed Use (Min. 50% Residential SF)
Minimum Property Value: $350,000
Loan Amount:
$250,000 - $5,000,000
Loan Types:
30-Yr Fixed Rate Mortgage (Fully Amortizing) 5/1, 7/1 And 10/1 Hybrid ARMs (Partial IO or Fully
Amortizing)
Maximum Loan to Cost:
If Owned >180 Days, No LTC Limit
If Owned < 90 Days, 80% Of Purchase Price
If Owned Between 91 And 180 Days
Additional 5% Haircut On Max Allowable LTV
Maximum Loan To As-Is Value (Subject To FICO):
- Purchase/Rate Term
- Refinance: 75% Cash Out Refinance: 75%
Minimum Debt Service Coverage Ratio:
1.20x (Net Cash Flow/Debt Service)
Term Length:
30 Years
Recourse:
Full Recourse OR Non-Recourse With Bad Boy Carve-outs and Pledge Of Equity
Minimum Guarantor FICO:
640
Lease/Rent Requirements:
No Commercial Use Allowed, Except For Mixed Use Properties
Minimum Occupancy Rate Of 90% By Unit Count