National Real Estate Investors Group Adds New Commercial Loan Products

Are you searching for new Commercial Loan Products to strengthen up your position as a Real Estate Investor? If so, you’ll be happy to learn about these new commercial loan product offerings, now available through National Real Estate Investors Group.

Non-Recourse MF Loans

Requirements:

FICO Score: 650+
Loan Amortization: 30 yrs. 5, 7, and ten-year fixed terms
Loan Size: 1-7.5M
Max LTV: 80%
DSCR: 1.20+
Interest Rate: 4%+
Property Types: Only 5+ unit MF properties

Use of Funds: Purchase, Refinance, Refi Cash Out. There is no limit on cash out on this program!

Lending Territory: Nationwide
Closing: 45-60 Days

While there are no population requirements to qualify for this loan product, population statistics in the area will get used to determine the cost of the deal. Properties with Month-to-Month Leases are eligible. Tax returns are required.

Non-Recourse Multi-Family Loans

FICO Score: Mid Score of 650 or above
Credit: Letter of explanation for any credit dings
Loan Amortization: 30-year amortization. This product comes with 5, 7, and ten-year fixed options. The Hybrid ARM program is amortized over 20 years and has a 5, 7, and ten years fixed option. None of these loans balloon after the fixed period. After the fixed period ends, the previous interest rate will float over six months, with adjustments made every six months by the lender.

Loan Terms: Various types of interest only and fixed options.

Loan Size: $1M to $7.5M

Max LTV: Up to 80% of appraised value or purchase price (lesser). 75% in standard markets, 70% in small markets, depending on the population of the area.

Debt Service Ratio: DSCR: 1.20 in top markets (highly populated cities) to 1.40 in smaller markets.

Interest Rate: 4%+ (subject to property location).

Property Types: 5 + unit Multifamily Properties. Conventional and specific affordable and seniors multifamily housing with a minimum of 5 residential units. Qualifying properties include those with tax abatements and Section 8 vouchers Seniors housing properties with no additional services for residents. Also eligible: Low-Income Housing Tax Credit (LIHTC) properties with Land Use Restriction Agreements (LURAs) in the extended use period or in the final 24 months of the initial compliance period (in both cases, provided the tax credit investor has exited the project). Properties with certain regulatory agreements with local, state, or federal housing authorities that impose income and/ or rent restrictions. Properties with space for certain commercial (non- residential) uses and mixed use.

Pre-Payment Penalty: Multiple Step Down Prepay Options and Yield Maintenance options.

Use of Funds: Purchase, Refinance, Refi Cash Out. There is no limit on cash out on this program!

Seasoning Requirement: For a refinance cash out loan the property has to be owned for 12 months.

Lender Processing Fee: Standard $8,500 deposit fee once borrower decides they want to move forward. Only $4,500 in top markets. When the borrower makes this deposit, the rate gets locked in for 35 business days!

Lending Territory: Nationwide

Top Markets: New York City/New Jersey metropolitan, Boston, Washington DC, Chicago, Los Angeles, San Diego, Orange County, San Francisco, San Jose, Oakland, Minneapolis, Portland, Seattle, Miami, and Denver.

Standard Markets: Baltimore, Sacramento, Salt Lake City, Phoenix, Atlanta, Dallas/Ft. Worth, St. Louis, Indianapolis, Cincinnati, Albany, Bakersfield, Birmingham, Dayton, Hartford, Jacksonville, Knoxville, Louisville, Providence, Raleigh, Rochester, Richmond, Riverside, Tucson, Honolulu, Norfolk, Kansas City, Las Vegas, Philadelphia, Charlotte, Columbus, Cleveland, Oklahoma City, Pittsburgh, Memphis, Nashville, Houston, San Antonio, Austin, Richmond, Albuquerque, New Orleans, Orlando, Tampa, Detroit, Milwaukee, Tulsa, Buffalo, Omaha, and Fresno.

Closing Time Frame: 45-60 days

Liquidity Requirement: For every million dollars borrowed, qualified borrowers must have $55,000 liquid cash in the bank.

Non-Recourse: Non-recourse with standard carve-out have additional provisions required. For Non-Recourse, the borrower must have a Single purpose entity in place. If the borrower defaults, the property will get taken back. However, the lender will not come after the borrower personally. Lending also available to Trusts including irrevocable trusts and revocable trusts with an individual guarantor.

Population Requirement: There is no population requirement for this loan, but deals get priced based on population. Can deal with properties that are on Month-to-Month Leases. With lender permission, loans are assumable.

Documentation: No tax returns are necessary. However, information including current rent roll, year to date income and expense reports, the previous year expense and income reports, a Tri-Merge report, and a PFS on the borrower must get submitted.

Other Commercial Loan Product Offerings

In addition to the loans mentioned above, we offer a Non-recourse, interest only bridge program.

Loan Amounts: 3.5M +. A and B quality Multi-Family assets. Minimum of 100 units. Renovation limit to $15,000 per unit.
Interest Rate: Starting around 7%. 1 Lender point. 2-3% Exit fee gets waived if the lender provides permanent financing take out. Non- Recourse.
Up to 80% LTC/LTV. Three-year Terms (2-year term, plus 12-month extension). 650+ mid fico. To be eligible for this loan offer, the borrower must have substantial real estate experience!

If you have a CRE project and any of these commercial loan products are a match for your financing needs and eligibility, you can apply online securely today to start the conversation!

 

>>> Start The Application Process Now <<<

2018-04-25T07:58:18+00:00 April 25th, 2018|Categories: NREIGRP News|Tags: , , , , |0 Comments

About the Author:

Michael Harrington is the Founder and CEO of National Real Estate Investors Group, headquartered in Buffalo, NY.

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