Apartment / Multifamily Units / Hotel-Motel loans

• Title
• Sales Contract and Escrow Instructions if applicable. (Purchase only)
• Building Rent Roll. The rent roll MUST MATCH the leases with tenant’s name, unit number, current rental amount, etc. PLEASE check accuracy before forwarding to us.
• Current leases or rental agreements for the subject property.
• 2 years Historical and Current Operating Statements
• Note: If the property has not been owned for two years and current owner does not have previous owner’s historical statements then have current owner put in writing when they acquired the property.  It is OK not to have owned the property for less than two years.
• Page 2
• 2007 (1/1/07 - 12/31/06) Historical Operating Statement. Schedule E from owner’s tax return or constructed operating statement signed by the current owner as true and correct.
• 2007 (1/1/07 - 12/31/06) Historical Operating Statement. Schedule E from owner’s tax return or constructed operating statement signed by the current owner as true and correct.
• 2007 (year-to-date) Current Operating Statement signed by the current owners as true and correct.
• LOAN AMOUNT: $500,000 and up.
• INTEREST RATE: Interest rates start at prime + 1 to 11%. Interest is paid monthly on the amount drawn based on the disbursement schedule. Allowances are made for prepayments of interest during the construction period.
• L-T-V RATIO: Up to 80%
• Equity – We requires borrowers to have a minimum of 25% equity in their projects. If this is a purchase, where will the balance of funds come from?
• USE OF LOAN: Proceeds may be used for construction costs, real estate acquisition, and closing costs.
• Commitment Fee: 2 to 4% points on Conventional loans / 4 to 8 points Hard money loans
• *As-Is Value defined as a cash sale within a 180-day marketing period.