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reighlo
30 Posts |
 Posted - 05/19/2008 : 12:08:08 PM
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Have been away from commercial and was not sure if anyone has any program available with 10% down for an apartment complex.
800 FICO's
Plenty of assets
investor
12 unit apartment complex
10 are leased/2 vacant
sales price $400,000
Not sure what else you need but please let me know and I will get it. |
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gwilliams6027
1 Posts |
Posted - 05/19/2008 : 12:26:31 PM
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| Depending on the size of the loan your client maybe eligible for DUS underwriting with an LTV of 85%. |
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IFox
315 Posts |
Posted - 05/19/2008 : 12:27:56 PM
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| you have mail..... |
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KHufford
5895 Posts |
Posted - 05/19/2008 : 12:29:15 PM
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Whats the loan amount? Its probably too small for Mezz but its possible for larger projects. Here is a summary of our apartment finaning if it fits the bill for you:
Apartment Construction / Rehab / Refinance / Purchase
- Rates. 5-6+%
- Loan Size 1M to 50M
- Max LTV 80% subject to a 1.25 DCR at 30 year AMORT
- 30 yr Amortization
- 5,7 10 year fixed with 30 yr AMORT and Yield maintenance PP to six months short of the loan term.
- NON-Recourse once stabilized if construction or rehab. Non-recourse for all purchase or refi. As long as the cash flows meet DSR requirements
The purchase and refi loans are standard when it comes to loan structure with a fixed period and a 30 yr amor. (other banks usually go by a 20 or 25 yr amor, so this program is much cheaper).
The difference in this program besides the lower terms and longer amor. is the construction and rehab options. Typically when a developer builds a APT. Complex, he has to gain construction financing, and then gain perm financing when the property stabilized. Usually he will have to get a mini perm loan in between. This is where our conduit gives value. They grant a onetime close. The construction loan is granted, when the property stabilizes, the loan flips to a perm on a 10 yr fixed period. This allows the borrower to escape the fees and hassle of regaining financing once the construction is finished and the project stabilized. Also, many borrowers experience issues with their projects not stabilizing by the end of their construction terms leaving them in a tough situation. This program is 10 yrs, so the project has as much time as needed to stabilize.
The last added value of working though our conduit is fees. This program is offered out at par financing to intermediary firms like MJM. If your client contacts them directly they will have to pay a 1 point origination fee to the lender. We will only charge 95 bps. So we will save him money along with doing all the work.
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mcmoney
300 Posts |
Posted - 05/19/2008 : 1:15:55 PM
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| If 90% is available (If), could this thing DSCR with that much financing? Just a thought.... |
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ccbank
1312 Posts |
Posted - 05/19/2008 : 1:56:26 PM
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| Will do up to 75% LTV. |
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EMScommercial
5138 Posts |
Posted - 05/19/2008 : 3:03:17 PM
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Mostly, 90% ltv + fees loans have gone bye bye over the past 8 months.... There ARE a few out there, but not many....
More reasonable LTV for this scenario would be 80% ltv....
Our network of over 325 commercial funding sources which we are direct brokers for (lenders, banks, private money, hedge funds, insurance companies, venture capital firms, etc.) - NATIONWIDE ... and Beyond!!! - could be just what you need for such a deal..... (the number changes regularly - adding and removing to meet our clients' needs) to our internal - proprietary database.....
We do all the legwork - finding the lenders interested and getting the documents to them.... receiving the letters of intent and organizing them in sensible order for your clients..... we should work together on your deals.... let's talk!
** We issue a mutual NCND to protect both sides!! **
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....
We currently have 238 lending sources for this type of property in our internal database! This will help us find just the right loan for your client!!
Please contact me asap so we can get this taken care of! Just a note... if you call and I am not available at that time to talk, any one of my highly trained account managers can help you as well.
Remember... We only get paid when the thing funds!
Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thank you... |
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SFPartnersLLC
58 Posts |
Posted - 05/19/2008 : 3:32:53 PM
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We can go up to 80% LTV. Let me know if you need anything.
All I need in order to get you a letter of intent that will include our rate and terms is a complete 1003, credit report, and rent roll if applicable.
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swmsn
4205 Posts |
Posted - 05/19/2008 : 6:17:53 PM
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You need to figure the DSCR, and get an extra 10%.
If the borrower has good credit and makes a decent amount of income ( GROSS ) maybe they can get an unsecured. Either way don't waste your time looking for 90% investor. |
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Bruce@Met-West.c
256 Posts |
Posted - 05/20/2008 : 07:04:51 AM
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| From your post to 80%LTV, 500K min for our 90%LTV program. |
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reighlo
30 Posts |
Posted - 05/20/2008 : 08:13:29 AM
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Hey everyone thanks for the advise; however, it seems this investor was just stubborn on the 90% and says that he will go find it elsewhere. Oh well.....
quote:
Originally posted by reighlo
Have been away from commercial and was not sure if anyone has any program available with 10% down for an apartment complex.
800 FICO's
Plenty of assets
investor
12 unit apartment complex
10 are leased/2 vacant
sales price $400,000
Not sure what else you need but please let me know and I will get it.
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kenvphan
452 Posts |
Posted - 05/20/2008 : 11:06:12 AM
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| 90% ltv is like pie in the sky... The market is at 80% ltv max with maybe an unsecured second from Shawn. |
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omegafunding
277 Posts |
Posted - 05/20/2008 : 2:07:26 PM
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90% only if seller carry's a second. Up to 90%CLTV
Ben
Omega Funding, Inc
720-279-4345
www.omegafund.com |
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