Commercial Loans
Firstbanc, primarily originates long-term, fixed-rate, commercial mortgages on multifamily, office, retail, industrial, hotel and many other property types nationally.
Multifamily Program – Apartments: From $300,000 To $999,999
ELIGIBLE PROPERTY TYPES:
Existing apartment properties with 5+ units, mixed-use, and condominium properties. Deferred Maintenance not to exceed 5% of the property’s value.
Program Details
Loan Terms
Fixed & Variable rate up to 30 years fully amortizing.
Loan Amount
Minimum loan amount of $300,000 to a maximum of $999,999.
Interest Rates
Adjustable and fixed rate options available.
Prepayment Penalties
—MIXED-USE loans are available on a case-by-case basis. Rate, term and fee adjustments will be made. -Thirty-year loan terms are available on newer properties.
One Year ARM – Plan LA1: After 12 months fixed rate, loan will adjust every 12-months to 2.5% over the 12-month LIBOR index. Maximum initial and subsequent adjustment caps are 2%. Lifetime cap is initial interest rate plus 6%. Floor rate is initial interest rate minus 0.50%.
ARM Plans (LA3, LA5, LA7, LA10): After fixed rate term expires, loan will adjust every 12-months to 2.5% over the 12-month LIBOR index. Maximum initial adjustment cap is 5%. Subsequent adjustment caps are 2%. Lifetime cap is initial interest rate plus 6%. Floor rate is initial interest rate minus 0.50%.
FLEX Plans (FX3, FX5, FX7, FX10): After initial fixed rate term expires, rate options will be offered at our prevailing market rates for 1-Year, 3-Year, 5-Year, 7-Year & 10-Year programs; no adjustment caps. If 3, 5, 7 or 10 Year rollover option is selected the prepayment penalty is reinstated.
Minimum DSCR
Minimum Debt Service Coverage Ratio = 1.20 based on net income available for debt service.
Loan-to-value
Up to 80% LTV.
Escrows
Required for taxes and insurance. Vacancies may be escrowed if excessive. NO replacement reserves required.
Recourse
Full recourse, limited recourse, and non-recourse available depending on Loan-to-Value.
Prepayment
Declining prepayment penalty. Please see our Schedule of Rates for specifics.
Timing
Approximately 45-60 Days.
Estimated Closing Costs
Closing costs, including third party fees, are the responsibility of the borrower.
Costs for registration of the loan will be paid prior to closing. Appraisal and Inspection fees will be paid out of the registration fee.
Registration Fee: 5-69 units – $2,500 to $7,250 depending upon size and location of property.
Document Preparation $1020
Processing Fee $750
Origination Fees 1.0%
Title/Recording/Etc. Set by title company
Termite Inspection $110 per building (not required in all states)
The borrower is responsible for any additional closing costs including, but not limited to, a survey, wood destroying insect inspection, title policy, escrow and recording fees, & flood certificate(s). An environmental site assessment and/or engineering evaluation may be required on any property where a potential condition has been identified.
All information presented on this page is subject to change without notice.