What is the closing time for multifamily Loans?
Closing time for multifamily loans varies depending on loan size and compexity. It could be as little as 1 week for simple deal and 3+ week for more complex transactions.
Do you require any appraisal for Multifamily loans?
Yes, a full appraisal will be required, including the interior. We require full narative appraisal. We typically work with BBG and Bowery.
Do you finance soft cost?
No, we do not finance soft cost.
Do you require previous MF experience?
For smaller deals <2m, we can consider borrowers without experience. For deals more than 2m, experience is required.
What will you need to verify my experience?
We will need your HUD-1 or property deeds to verify your experience.
What are your closing fees?
Our closing fees depend on the size and complexity of the deal.
Do you require personal guarantees for multifamily loans?
Yes, personal guarantees are required for MF and MU loans.
Do you allow second liens on your loans?
Second liens on our transactions are not allowed.
Do you lend to LLCs?
Yes, we lend to LLCs for all our programs.
Do you work with brokers?
Yes, we work with brokers. We have lot of broker-friendly programs.
Do you have prepayment penalties?
There are no prepayment penalties for loans with points. For no-point loan programs, the minimum term is six months.
Property Condition Report (PCR)
We require PCR for all loans above $1mю
Phase 1 Environmental Report
Phase 1 Enviornmental reports are required for all deals >$1m.
Mixed Use properties:
1-4 units: Commercial SQF and Commercial Rent < 30% of total
5-10 units: Commercial SQF and Commercial Rent < 25% of total
11-20 units: Commercial SQF and Rent < 20% of total
21+ units: Commercial SQF and Rent < 15% of total