Rates remain consistent recently with small fluctuations in the treasuries.
Below are today’s rates for select apartment loan programs – all loans are a case-by case basis.
Loans ~$2,500,000+ (DUS Fannie)
5/30 4.90% non recourse
7/30 5.50% non recourse
10/30 5.75% 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 5.05% non recourse
7/30 5.70% non recourse
10/30 6.05% non 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 ~$1,000,000 to $5,000,000 (Portfolio Lender)
3/30 5.75% 3-2-1 prepay
5/30 5.90% 5-4-3-2-1 prepay @@ Great 5-yr money!
7/30 6.60% 5-5-5-4-3-2-1 prepay
10/30 7.25% 5-5-4-4-3-3-2-2-1-1 prepay
70% LTV for purchases – seller carry OK, 65% LTV, (maybe 70% for refinances, cashout okay)
For loans less than 50% LTV and 1.60+ DCR – subtract ~20 bps
This is good for conservative borrowers who want a good rate but also a step-down prepay.
In essence a middle ground between banks and Fannie Mae.
Loans $500,000* to $2,000,000 (NEW LOWER RATES)
3/30 5.375%
4/30 5.75%
5/30 6.00%
Add .125% to rate for loans $500,000 to $1,000,000
75% LTV for purchase or rate & term refi. Low cost, step down prepay, 1.30 DCR, can do lower DCR in exchange for rate, can lower rate for 25-yr amort.
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 (add 5-10 bp to the rate, however).
Brandon Rogers
Principal
Terrix Financial Corporation
1777 S. Harrison St., Suite 301
Denver, CO 80210
303-757-7800 (ph)