So far in 2010 we have closed 10 apartment loans totaling approximately $48,000,000, and we have a few in closing right now.
Below are today’s rates for select apartment loan programs.
Loans ~$3,000,000+
5/30 3.93% non recourse
7/30 4.30% non recourse
10/30 4.67%% 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 4.25%
7/30 4.60%
10/30 4.99%
70-80% LTV, cashout okay
for less than 65% LTV and 1.35+ DCR – subtract ~20 bps and non-recourse may be available
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).
Please call me with your financing needs – or if you just have questions about the state of the debt market.
Brandon Rogers
Principal
Terrix Financial Corporation