Rates are incredibly low right now.
Below are today’s rates for select apartment loan programs – all loans are a case-by case basis.
Loans ~$3,000,000+
5/30 4.44% non recourse
7/30 4.89% non recourse
10/30 5.20% 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+
5/30 4.71% non recourse
7/30 5.13% non recourse
10/30 5.48% non recourse
70-80% LTV, cashout okay
for loans less than 65% LTV and 1.35+ DCR – subtract ~20 bps
Recent apartment loan closing:
$18,000,000
5.74% 10/30 non-recourse
We also have other options for low leverage loans, loans that don’t restrict secondary financing, no prepay, etc.
The loan programs above 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
www.terrix.com