Insured Loan Program for New Construction or Substantial Rehabilitation

Dated information — call for current terms.

 

Loan Amount: Minimum Loan $5,500,000
Maximum Loan to Cost: 90% (*1)
Rate: 5.25% Fixed (*2)
Term: 40 Years (No Balloon)
Amortization: 40 Years
Transaction Costs: Other costs – Budget (*3)
Recourse: None
Assumable: Yes, with 1 point fee

Long term, fixed rate, no balloons, non-recourse and assumable.

(*1) Actual gross loan amount will be based on 90% of costs, 1:35 DSC and other considerations. All net loan proceeds must be used to retire current debts, pay financing costs and fund reserves, in addition to all hard and soft costs.

(*2) Note rate depends on market conditions at time of rate lock.

(*3) Budget costs will vary with each individual loan. Includes borrower’s costs for legal, audit, survey, title, recording charges, lender’s legal counsel, etc. Transaction costs are normally reimbursed out of loan proceeds. Initial setasides are funded out of loan proceeds. Borrower must make annual contributions to reserves. Borrower prepays one year’s mortgage insurance at closing.

For more information on this and other programs, call 800-536-3371 ext: 106