Spartan Commercial Mortgage Services is excited to announce that we are now offering Jumbo Apartment Mortgage Loans. More specifically, we will be providing commercial mortgages from $1 million up to $7.5 million with both fixed- and hybrid- rate options. Borrowers can purchase, refinance, debt consolidate, or simply do a cash out refinance with this program. This will all be done as a Freddie Mac Commercial Apartment Mortgage. Here is an overview of the program:
PROPERTY TYPES:
Multifamily as well as Apartment Buildings with 5+ units. Furthermore, borrowers can use this program as a blank loan over multiple apartment properties. For the blanket loan program, the minimum loan size requirement is 2MM.
RATES:
Rates will depend on loan size, debt servicing, as well as borrowing credit history. Contact us at the number below for a free consultation on what rates are available. Presently rates have been in the 4s and 5s on many of the recently closed projects.
LOAN SIZE:
$1mm to $7.5mm
LOAN PURPOSE:
Purchase, refinance, cash out
TERMS:
5, 7, 10 year fixed as well as 20 year hybrid ARMs with initial 5, 7, 10 year fixed. Short Term Bridge Loans are also available with this program.
Loan to Value:
In top real estate markets, borrowers can go up to 80% Loan to Value. On less populated markets the Loan to Value is in the 70% range.
RECOURSE:
Non-recourse is available with standard provisions required.
PREPAYMENT:
Declining prepayment penalty.
DEBT SERVICE COVERAGE:
1.20 for top real estate markets, 1.25 standard markets, 1.30 small markets, as well as 1.40 for exceedingly small markets.
AMORTIZATION:
Partial term interest only as well as Full term interest only options may be available for up to 30 years amortization.
Spartan Commercial Mortgage is here to assist you on you upcoming Jumbo Apartment Mortgage Financing needs. We will work with you every step of the way and pride ourselves on customer service. Our program also allows for borrower rebates (lender credits) to assist in your closing. Contact us today to learn more about this program.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572