Conventional Non-Recourse Loan Program Guidelines
Loan Amounts $1,000,000 and up
ELIGIBLE PROPERTIES:
Apartment Buildings of 5 or more units; Mixed Use with up to 20% commercial space allowed. A, B or C + grade properties

INELIGIBLE PROPERTIES:
Properties operating with weekly or daily rentals; Single Room Occupancies (rooming houses); Properties in need of excessive deferred maintenance or obsolescence; Properties supplied by private well (as opposed to public water source); Properties with less than 85% stabilized occupancy for at least the preceding 90 days

LENDING TERRITORY:
Nationwide. Market must have reasonable economic and demographic base.

MINIMUM LOAN AMOUNT: $1,000,000

MAXIMUM LOAN AMOUNT: No Maximum Loan Amount

MAXIMUM LOAN TO VALUE:
80% on all eligible transactions including purchases, rate/term and cash-out refinances

RATES: Variable and fixed rates available. Contact your Loan Officer for current rates.

AMORTIZATION: 30 yrs maximum; or shorter amortization to suit

Term: Choice of terms – 30 yr amortization/ 5 yr fixed, 30/10, 20/20

Loan Fee:
The loan fees vary based on loan amount, property type and other factors. Fees normally average around 2%

Recourse/Non-Recourse: Non- Recourse

Pre-payment Penalties: Defeasance

Assumable?: Yes

Secondary Financing: Not Allowed

Eligible Borrowers: Corporations, LLCs, Partnerships, and Trusts

Individual borrowers must form a single asset bankruptcy remote entity
to hold the property.

Credit Requirements:
Good credit, scores over 620. Liquid Assets greater than or equal to 6 mos. principle and interest payments. Reasonable net worth compared to requested loan amount. Borrowers must be experienced in multi-family or commercial property ownership.

Documentation: Full Doc (National Apartment Finance has stated income programs available, contact your loan officer for a quote

Time to Close: 60 days

Items Needed for Pre-Approval:
1) Completed Loan Request- Apartment Application Questionnaire
2) Current Rent Roll
3) Last 2 Year’s and Year-to-date Operating Statements.
4) Trailing 12 months gross income (month by month breakdown)
5) Emailed Digital Photos of Property (minimum of 5)
6) Personal Financial Statement on principal(s)
7) Copy of Purchase Contract (if applicable)

Fax Pre-Approvals to: 240-255-0063

Or Email to: LoanApplication@firstbanc.net

Mail or Fed Ex to:
Firstbanc, LLC
Attn: Underwriting
6701 Democracy Blvd. Suite 300
Bethesda, MD 20817

Toll Free Telephone: 1-877-598-6500

LARGE APARTMENT LOAN PROGRAM BENEFITS

Lowest rates on 30 year amortization / 10 year fixed rate termsNon Recourse

– Key Principles must sign loan docs for borrowing entity, but do not personally guarantee the loan except for standard “carve-outs.”

AssumableExperienced representatives

– We do multi-family loans all day every day. We know the program inside and out, how to protect you through the pre-qualification process, and then how to get your loan closed quickly and efficiently.