| Loan Amount |
$500,000 to $3,000,000 (Higher loan amounts are available on
a case by case basis). |
| Property Type |
Multi-family with a minimum of five units |
| Current Rates |
03/19/07
| |
|
| 3 Year |
6.84% |
| 5 Year |
6.69% |
| 7 Year |
6.77% |
| 10 Year |
6.79% | |
| Rate |
Fixed for the initial term. Adjusts annually to the lesser
of 250 basis points over the six-month Libor or 2% over the
previous rate, capped at 5% over the start rate. |
| Term |
25 and 30 year fully amortized, fixed for the initial term
of 1,3,5,7, or 10 years |
| Loan to Value (LTV) |
| Purpose |
LTV |
CLTV |
| Purchase* |
80% |
80% |
| Refinance |
80% |
80% |
|
Refinance
with Cash Out |
75% |
75% |
*Note: seller carry of 10% as allowed
for total CLTV of 85%
Debt service coverage must be at a minimum 1.200 ratio
One year seasoning required for cash-out
refinances. |
| Origination |
0% to 2% depending on loan amount and complexity. |
| Appraisal |
MAI appraisal required and cost is based on number of units
and the state in which the property is located. |
| Other fees |
| Underwriting |
$1000 |
| Delivery |
$20 |
| Credit |
$100 |
| Administrative |
$500 |
| Termite (if required) |
varies |
* Title
*Lock Fee |
varies
$500 |
* Note: Title company must be approved by Trans Lending
Corporation
|
| Inspections |
If the appraisal indicates an inspection is
necessary. |
| Reserves |
None |
| Escrows |
Required for taxes and insurance with most loan
programs |
| Recourse |
Depends on LTV |
| Assumability |
Yes |
| Prepay |
There is a declining pre-payment penalty annually during the initial
fixed term.
|
