Please see below on what we can offer on our apartment/condo funding, we also have funding for large complex's as well. If your interested in either please respond to this posting, my contact information is at the bottom of this posting thanks.
Small Balance Apartment Loans/Condos
Loans from $100,000 – $5 Million – Great rates for multifamily properties with 5 or more individual units, including mixed-use commercial and mobile home parks, through a low cost, streamlined and simplified loan application to closing process, up to 90% CLTV, limited impounds, lower points from Zero to 3. Programs available for all property types in range classes from A to C.
- 15 and 30 Year Amortizations
- 3, 5, 7, 10, 15 Year Fixed Rate Terms
- No Deficiency or Yield Maintenance
- Lender Points Optional with YSP
- Limited Appraisal – No Environmental
- No Replacement Reserves
- Monthly / Annual Leases Acceptable
- Substitute Leases With Bank Statements
- 80% Minimum Occupancy
- No Balloon or Call Provisions
- Maximum LTV 80% / 90% CLTV
- Step Down Prepayment
- Minimum DSC of 1.25:1
- No Outside Legal Fees
- Limited Impound Requirements
- Section 8 – Subsidized Rents OK
3% Seller Concession Allowed on Purchases
Large Balance Apartment Loan Program
Global Equity Alliance Large Balance Apartment Loan Products provides borrowers with apartment financing needs in excess of $5 million highly competitive, flexible, and financing solutions for multifamily properties including, seniors housing, student housing, affordable housing, and manufactured community housing properties.
GEA has correspondent relationships with funding sources including its own hard money portfolio, insurance companies, REITs, conduits, and direct correspondents of both the Fannie Mae DUS™ Lender program and Freddie MAC.
That is correct STATED INCOME
GEA’s correspondent relationship provides a Stated Income Loan Program with competitive apartment financing for borrowers requiring a reduced document or stated income option.
The Stated Income Loan Program does not require personal or business tax returns, personal financial statements, and has no monthly or annual reporting requirements. Please Note: The subject property must cash flow at a minimum DSCR of 1.25x. Appraisal rents are used to qualify income. Subject property rent roll and income and expense statements are required.
● No personal or business income tax returns required
● Personal financial statements required.
● No balloon or call provisions – Up to ten year fixed rates
● Up to 80% financing for good credit borrowers – Good property condition required
● Minimal fee structure with no lender point options
Consider a HUD FHA apartment loan:
- Purchases up to the lesser of 83% loan-to-value or 83% loan-to-cost including loan costs and repairs
- 35 year fixed rates / 35 year amortization / No balloon payment
- Avoid interest rate risk and costs associated with refinancing
- Property located in a declining value or distressed market and require up to 83% loan-to-value financing
- Property located in a smaller (population) market
- Require or prefer a non-recourse loan
- Flexible prepay – No yield maintenance or defeasance prepay risk
- Loan is assumable should you sell
- Available for profit and not-for-profit borrowers
- Detached structures and row houses eligible
- Require funds for repairs or improvements
- HUD FHA supplemental loan (2nd mortgage) available to fund property repairs or improvements
Shawn K. Pearl
SFA---Specialty Funding & Associates
Hours: 9:00am-9:00pm Mon-Sat
206.203.3177 Voice Mail/E-Fax