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Construction & Refinance Program
Download Construction guidelines (PDF)
Download Refinance guidelines (PDF)
PROGRAM DETAILS
Program Overview
- Loan size $2,5000,000 and up
- Minimum DSC 1.11 – 1.20
- Maximum LTV 80 – 90% loan to cost for new construction, purchases & refinances up to 85% LTV
- Interest only options available
- Tertiary markets allowed
- Fixed rate terms of 25/25, 30/30, 35/35, & 40/40 are available depending on purpose & structure
- Up to 25 – 40 year amortizations
- Impounds for taxes, insurance, and replacement reserves
- Loan is assumable subject to approval and fee
- Prepayment penalty 2 year lockout 8% stepdown
- Net worth of guarantors equal to or greater than loan amount. Larger loans adjusted on case by case scenario
- Liquidity requirements 10% of loan amounts, reviewed on case by case scenario
- Non-recourse loan with single asset entity required