In today’s credit environment, it is difficult to obtain financing for a loan of about 50% LTV.
We have a lender in our association which will consider refinancing apartment complex (domestic US. ONLY) up to 80% LTV.
This lender is in the “buy and hold to lease” marketplace; therefore, should the private lender find it necessary to take the project back, they are in a position to manage it operationally.
This lender preferss projects in the Greater LA basin area, or Pacific Coast; however, the lender will consider refinancing apartment complexes in major Metropolitan areas in the U.S.
REFINANCING ONLY –
Minimum – no maximum
I. FIXED RATES
a. LTV UP TO 80% of value (based on INCOME METHOD)
b. 6.5% FIXED
c. 30 year amortization
d. 10 year balloon
e. Debt service coverage ratio 125
f. Any U.S. (ONLY) based apartment complex
II. VARIABLE RATES
a. Up to 80% LTV (based on INCOME METHOD)
b. Current rate: 4.95%
c. Index: Fannie Mae paper quote plus 4%
d. Maximum lifetime cap 7%
e. Rate may adjust every 30 days
Existing Office buildings/complexes, mixed use properties, retail related properties could be considered for this product.