Apartments continue to be the least difficult type of property to finance.
Below are today’s approximate rates for select apartment loan programs. We do have other options for different scenarios.
Loans ~$3,000,000+
5/30 5.00% non recourse
7/30 5.50% non recourse
10/30 5.75% non recourse
70-80% LTV, cashout 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)
Rate break at 65% LTV/1.35 DCR, Can do Student Housing – call for details
7-yr capped ARM ~4.0% – Lifetime cap of 7% rate, no floor
Loans ~$750,000 to $3,000,000
5/30 5.15% recourse
7/30 5.60% recourse
10/30 5.90% recourse
70-80% LTV, cashout okay, assumable, can do supplemental financing in future to leverage back up for a buyer (combined with the assumption this avoids the prepay penalty)
Rate break at 65% LTV/1.35 DCR, Can do Student Housing – call for details
Loans $500,000 to $2,000,000
3/30 6.25% recourse, low cost, flexible prepay
5/30 6.75% recourse, low cost, flexible prepay
Brandon Rogers
Vice President, Shareholder
Terrix Financial Corporation