FANNIE MAE 3Max ($3Million)
Fannie Mae Delegated Underwriting and Servicing Multi-Family Loans provide some of the lowest rates possible for Multi Family properties and are very much in favor among investors. This loan product is underwritten to Fannie Mae Guidelines but does not carry the expensvie third party fees. These loans are recourse and non-recourse. Our Non- Recourse Version does not require a "Legal Opinion of Title".
LOAN SIZES
Minimum is $500,000 -$3,000,000
TERMS
5, 7 & 10 Year Fixed Terms with up to 30 Year Amortizations
15 Year Fixed is also available
Assumable for a 1% fee
80% LTV ( While our Competition has 75% LTV hard and fast rules in "Watch States" (Ohio, Indiana, Michigan and Florida), we are providing funding at 80%)
Debt Service Coverage Ratios 1.20 to 1 (Rents Underwritten to Market)
Yield Maintenance or Make Whole Prepayment Penalty or step down prepayment Penalty
Third Party Fees as low as $10,000
BENEFITS
-Lowest current rates and costs for Multi Family Properties
-Assumable
-30 Year Amortizations
-Up to 30 Year Fixed Periods
-B and C Grade Properties are a Great Fit
-225 - 260 Basis Points over the 10 Year Treasury
-No Borrower's Opinion of Title Required by legal council
-Second Mortgage and even a third mortgage is possible during the life of the loan
-Interest Only Provisions are Available
-Friendly Prepayment penaltles based on the 10 Year Treasury index at closing
-No Escrow of Taxes or Insurance required
