Apartments are still the least difficult type of property to finance.
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 4.77% non recourse
7/30 5.28% non recourse
10/30 5.59% 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 5.07% recourse
7/30 5.55% recourse
10/30 5.87% 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
Strong loans (i.e. low leverage and/or stronger borrower) over $1,000,000 may get better pricing
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).
Recently Closed
$3,000,000
5.99% fixed, 10/30 term
Non recourse
$500,000 cash-out
100% student housing in Boulder
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Recent Terrix Commitment – in closing:
$11,000,000
5.30% 10/30 term