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)|
|Transaction Costs:||Other costs – Budget (*3)|
|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.