Apartment Loan refinance and acquisition are provided by this commercial lender with mortgages ranging from $200,000 to $75 million. Construction loans are available above $3 million. The mortgage terms range from 5 to 15 years with a maximum amortization of 30 years for conventional and 40 years for FHA/HUD. Very competitive rates are available, 90% LTV rates are higher than 80% LTV rates. Rates on loans below $3 million are higher than rates on loans above $3 million.
Commercial Lender - Apartment Loans - Multifamily Mortgages Matrix Mortgage provides six apartment mortgage programs, some as a direct lender and some as a correspondent. (1) The first program has a maximum of 90% LTV for a wide variety of property types. The loan size range is $200,000 - $10 million. This program lends nationwide and has a minimum FICO score of 625. The interest rates in this program are higher than in the other programs. The property types included in this program include apartments, office buildings, office condominiums, anchored and unanchored retail, motels, manufacturing facility. warehouse, car wash, medical office, car wash, hospital, day care facility, single occupant building loan, industrial equipment, funeral home and health care facility and medical office building. High Leverage Loans and SBA |
(2) The second program has a maximum of 80% LTV for an apartment loan and a mixed-use loan. The mortgage size ranges from $100,000 to $5,000,000. The maximum LTV is 80% for retail, industrial and office. This program lends nationwide and has a minimum FICO score requirement of 600. Fixed rate mortgages are available for 5-7-10 year periods at 150-275 basis points over the corresponding treasury. The amortization for each loan is 30 years. These loans are recourse for loans below $1 million and partial recourse for loans from $1 million to $5 million. The minimum debt-service-coverage-ratio is 1.20 for apartments and mixed-use and 1.30 for retail, office, and industrial. Prepayment penalties do apply during the fixed rate period. Low Balance -Lower Loan Rates (3) The third program has a maximum of 90% LTV for loans on Class A multifamily and anchored and shadow anchored retail properties (normally loans exceeding $6 million) and 80% for all others. The loan size range for this program is $3 million to $70 million. The property types included in this program are apartment loans, anchored retail, unanchored retail, full service hotels. limited service hotels, self-storage, industrial-warehouse and parking lots. Ten year fixed interest rates are available on 70% LTV mortgages at 100-150 basis points over the ten year treasury for apartments, retail, office and industrial. Hospitality properties are 240 to 275 basis for 70% LTV. These loans are non-recourse. Acquisition and refinance loans $3 million to $5 million -Lowest Rates (4) The fourth program has a maximum of 80% LTV on loans for multifamily, retail, office, industrial and hospitality. Mortgage sizes range from $5 million to $100 million plus in certain circumstances. This program lends in the United States and Europe. Ten year fixed interest rate loans are as low as 100 basis points over the ten year treasury. In addition to the submission form provided at the link which follows, color pictures, rent roll, and YTD NOI and last years NOI are required by email - . - to begin the preliminary underwriting. Commercial Lender $5 million and up - Lowest Rates (5) The fifth program is for conventional construction loans for apartment, retail, office, and industrial. Matrix Mortgage primarily targets the long term loans, but has established correspondent relations with regional banks who provide multi-state construction lending from $3 million to $25 million. Some also provide mini-perm loans to carry to stabilization. Matrix also provides a national construction lender for construction loans above $25 million. In addition to the submission form provided at this link which follows a summary the market survey, a summary of construction costs are required by email - . - to begin the preliminary underwriting. Commercial Lender $5 million and up - Lowest Rates (6) The sixth mortgage program is the HUD MAP program the geographic preference: United States and its territories. This construction- permanent is two loans in one. The Property Types include a Multi-Family Loan, Apartment Loan, Senior Apartment Loans, and Assisted Living Loans. The loan sizes range from: $6 million minimum - $ 100 million maximum. The loan term is 40 years fully amortized The Loan to Cost is up to 90% of loan to value. Fannie Mae construction-permanent loan interest rates are fixed for the 40 years and are - currently in 6.5% range. Mortgage insurance adds 0.5%. Features are assumption with approval, non-recourse, no rent restrictions, no limitation on owner's return. Requirements are Market Study and Appraisal to support the project occupancy and rents. Fees - Borrower pays all application, inspection, underwriting, and third party costs. FHA/HUD longest term fixed rate apartment loan for mortgage broker Contact Information including phone, fax, street address, city, state, zip and our email address for the Mortgage Broker Resources Self Storage |
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