Term
Up to 60 Month Term
Must have occupancy permit within term
Purpose
New Construction
Value Add
Stabilization/Bridge to Perm
Property Type
Market Rate Multifamily, Age Restricted
55+, Mixed-Use, Student Housing, Repositioning / Conversions/ Condo/tel
Total Units
Up to 250 Units (5 Stories Maximum)
Loan Size
Min $10.0 MM
LTV
65% LTV; 65% + LTV
LTC
85% LTC Standard
90% LTC
DSC
Minimum 1.2
Borrower Financials
100% Acquisition Equity
5% of Loan Amount Liquidity Post Closing
10% of Loan Amount Liquidity for Max or
Outside of Standard Loan Underwriting
Borrower Experience
Proven track record with a similar scope project.
Borrower Credit
FICO Minimum 700
General Requirements
All lending for investment purposes only
Interest calculated on drawn balance
Construction draws based on inspection report
No rural properties
1st Lien Position at all times