MultiFamily – Major Rehabilitation Program

83.3% Loan-to-Cost
Interest-only construction loan that automatically converts to 40-year permanent financing
40 Year Amortization
40 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the Ten-Year Treasury Yield
“Developer’s Fee” of 10% of cost allowed to be used towards equity requirement
No personal liability (non-recourse)
Negotiable pre-payment terms
1:20 Minimum Debt Service Coverage
This loan is always assumable
Third-party expenses and loan costs are fanciable