Some good news – rates are down a smidge from last week.
Below are today’s rates for select apartment loan programs – all loans are a case-by case basis.
Loans ~$2,000,000+ (DUS Fannie)
5/30 5.12% non recourse
7/30 5.68% non recourse
10/30 5.99% non recourse
70-80% LTV, cash-out okay, non recourse, assumable, can do supplemental financing in future to leverage back up for a buyer (combined with the assumption this avoids the prepay penalty)
Subtract ~20 bps for less than 65% LTV and 1.35+ DCR
Loans ~$1,000,000 to $3,000,000+ (Small Fannie program)
5/30 5.42% recourse
7/30 5.93% recourse
10/30 6.29% recourse
70-80% LTV, cashout okay
for loans less than 65% LTV and 1.35+ DCR – subtract ~20 bps and non-recourse is available on a case-by-case basis
*Loans under $1,000,000 may be available and would be priced slightly higher
Loans $500,000 to $2,000,000
3/30 6.25% recourse, low cost, soft prepay after 12 months
5/30 6.75% recourse, low cost, soft prepay after 12 months
This lender’s sweet spot in $500,000 to $1,000,000 loan size.
We also have other options for low leverage loans, loans that don’t restrict secondary financing, no prepay, etc.
The above Fannie Mae programs are also available for high quality mobile home parks (pricing may be slightly different, however).
We closed in excess of $15,000,000 in apartment loans in December.
Brandon
Brandon Rogers
Vice President, Shareholder
Terrix Financial Corporation
1777 S. Harrison St., Suite 301
Denver, CO 80210
303-757-7800 (ph)