COMMERCIAL MORTGAGE PROMOTION

COMMERCIAL MORTGAGE PROMOTION

Multi- Family

* NJ Residential Multi- Family over 9 units

*NYC Residential Multi- Family over 4 units

 

Loan to Value ratio 75% or under / debt service minimum ratio 1.25 times

 

* 5/10/30 at 3.250% initial 5 years

with rate reset at 5 year anniversary

to the then prevailing WSJ prime plus 75 Basis points

fixed for the remaining 5 year term

Floor rate 3.250%

* 7/12/30 at 3.500% initial 7 years

with a rate reset at year 7 anniversary

to the then prevailing WSJ prime plus 75 Basis points

then fixed for remaining 5 year term.

Floor rate 3.500%

CREDIT CONSIDERATIONS:

1. Properties must be fully stabilized with verifiable current rentals.

2. Cash out for above pricing is limited to an additional 35% above refinanced loan amount maximum for 75% LTV.

3. Non-Recourse available

4. New Money only

5. Class A&B locations only

6. Pricing for loans in excess of $5,000,000.

7. Prepay on all Loans 3,2,1,1,1 no prepay penalty after year 5

8. Rate quotes effective immediately /promotion ending June 27th 2014 for complete loan package’s only received by this date.

9. Maximum loan to value ratio 75%

10. Minimum debt service coverage ratio 1.25 times after Bank underwriting.  Minimum 1.35x for non-recourse.