6.9% - 7.1%
Fixed interest rate available
Loan Terms
Size
$300,000 - $4,000,000
Loan-to-Cost
88% subject to qualifications
Term
5 Years + 2 Year Extension OR
10 Years + 2 Year Extension
10 Years + 2 Year Extension
Build Phase
1 Year for construction or rehab
Recourse
Full
Payment
Year 1: Interest Only with interest reserve
Year 2 and later: 30 year amortization or interest only available on 7 year
Year 2 and later: 30 year amortization or interest only available on 7 year
Origination Fee
2.5%
Interest Rate
6.9% fixed for 5 Years + 2 Years floating OR
7.1% fixed for 10 Years + 2 Years floating
Rates assume 740+ credit. Rate during an extension is floating at the greater of Prime +1% and the original fixed rate.
7.1% fixed for 10 Years + 2 Years floating
Rates assume 740+ credit. Rate during an extension is floating at the greater of Prime +1% and the original fixed rate.
Interest Only
Year 1 on all. Full term available on 7 year, add 0.25% to rate.
Other
Third-party costs, $950 underwriting fee, $150 draw fee
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