multifamily new construction long island
Long Island, NY Multifamily New Construction – Loan by Trust Mortgage

Multifamily New Construction Loan Details:

  • 85% Loan-to-Cost
  • Interest-only construction loan that automatically converts to 40-year permanent financing
  • 40 Year Amortization
  • 40 Year Term (no balloon)
  • No maximum loan amount
  • Low, fixed interest rate, based on market spreads over the Ten-Year Treasury Yield
  • “Developer’s Fee” of 10% of cost allowed to be used towards equity requirement
  • No personal liability (non-recourse)
  • Negotiable pre-payment terms
  • 1:20 Minimum Debt Service Coverage
  • This loan is always assumable
  • Third-party expenses and loan costs are financible