Commercial Loans
Firstbanc, primarily originates long-term, fixed-rate, commercial mortgages on multifamily, office, retail, industrial, hotel and many other property types nationally.
| Star Program | Low Doc | Small Loan Recourse |
Large Loan Non-Recourse |
Conventional Loan Non-Recourse |
|
|---|---|---|---|---|---|
| Loan Amount | $500,000 – $3,000,000 | $100K to $1m | $500,000 – $3,000,000 | $1,000,000 and up | $1,000,000 and up |
| Interest Rates | Rates vary from day to day Certain add-ons to the base rate and margins for certain exceptions to the base underwriting guidelines Contact your Loan Officer for today’s pricing for your specific loan criteria |
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| Value Purchase Rate |
CLTV to 95% 80% 80% |
CLTV to 90% 80% 80% |
80% 80% 75% |
80% 80% 80% |
80% 80% 80% |
| Ammortization | 15 to 30 years | 15 to 30 years | 25 to 30 Years | 30 Years | 30 Years |
| Term Options | 1 year to 30 years | 6 months to 30 years | 15, 25, 30 years | 5 – 30 years | 5 – 10 years |
| After Fixed Term? | Rollover to New Term | Rollover to New Term | Converts to ARM | Balloon | Balloon |
| 3rd Party Fees at Letter of Intent | $4,500 (est.) | Fixed at $10,000 | Fixed at $9,900 | ||
| Lender Closing Fees | $1,520 Underwriting Fee | None | None | ||
| Recourse | Recourse | Recourse | Recourse | Non-Recourse | Non-Recourse |
| Assumable | Yes | Yes | Yes | Yes | Yes |
| Pre-payment Penalty | Step Down | Yield Maintenance | Defeasanc | ||
| Secondary Financing | Yes | Yes | Not Allowed | Yes | Not Allowed |
| Details | |||||
| Eligible Properties | 5+ units Multi-Family Mixed-Use, Mobile Home Parks | ||||
| Eligible Borrowers | Individuals, Corporations, LLCs, Partnerships, and Trusts In Florida, borrowers must hold the property in a legal entity. On a case by case, individual borrowers must form a single asset bankruptcy remote entity to hold the property. |
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| Firstbanc Program Advantages | High CLTV Simple underwriting Interest Rate incentives for good credit Long Terms |
High CLTV Low Doc – Stated Income Simple underwriting Interest Rate incentives for good credit Long Terms |
Low application fees Low application fees No balloons – fully amortized Easier qualifying for less experienced apartment owners/borrowers |
Lowest interest rates for most terms Most amortization and term options including fully amortized options with no balloon Assumable Secondary/supplemental financing programs for current owner and/or new buyer |
Lowest 10 year fixed rates for most loan amounts Assumable Non-recourse Can allow higher ratio of commercial units and space in mixed-use properties |
| Credit Requirements | Good credit, scores over 600 | Average to Good credit, scores over 575 | Good credit, scores over 600 | Good credit, scores over 620 | Good credit, scores over 620 |
| Documentation Requirements | Full Doc | Low Doc – Stated Income | Full Doc | Full Doc | Full Doc |
| Program Details | Program Details | Program Details | Program Details | Program Details | |