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| Apartment Loan Rates |
| Fixed |
Interest Rate |
Amort |
Max LTV |
| 5-yr |
3.43% - 3.67% |
30-yr |
80% |
| 7-yr |
3.86% - 4.10% |
30-yr |
80% |
| 10-yr |
4.00% - 4.24% |
30-yr |
80% |
| Fixed |
Interest Rate |
Amort |
Max LTV |
| ARM |
2.77% - 3.19% |
30-yr |
80% |
| 5-yr |
4.21% - 4.63% |
30-yr |
75% |
| 7-yr |
4.14% - 4.56% |
30-yr |
80% |
| 10-yr |
4.33% - 4.75% |
30-yr |
80% |
| 12-yr |
4.43% - 4.85% |
30-yr |
80% |
| 15-yr |
4.58% - 5.00% |
30-yr |
80% |
| 30-yr |
5.05% - 5.47% |
30-yr |
80% |
| Fixed |
Interest Rate |
Amort |
Max LTV |
| 3-yr |
3.70% - 3.95% |
30-yr |
75% |
| 5-yr |
3.75% - 4.00% |
30-yr |
75% |
| 7-yr |
4.25% - 4.45% |
30-yr |
75% |
| 10-yr |
4.65% - 4.85% |
30-yr |
75% |
| Fixed |
Interest Rate |
Amort |
Max LTV |
| 3-yr |
3.50% - 3.77% |
30-yr |
75% |
| 5-yr |
3.58% - 3.95% |
30-yr |
75% |
| 7-yr |
3.66% - 4.03% |
30-yr |
75% |
| 10-yr |
4.10% - 4.45% |
30-yr |
75% |
| 15-yr |
4.22% - 4.60% |
15-yr |
75% |
| Fixed |
Interest Rate |
Amort |
Max LTV |
| 5-yr |
3.91% - 4.48% |
30-yr |
75% |
| 7-yr |
4.44% - 4.94% |
30-yr |
75% |
| 10-yr |
4.88% - 5.32% |
30-yr |
75% |
| Fixed |
Interest Rate |
Amort |
Max LTV |
| 35-yr |
3.75% - 4.75% |
30-yr |
83% |
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| California Apartment Loans |
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| One of the largest and most
diverse markets for multifamily housing, California
properties require more than just a "one size fits all"
approach to apartment financing. |
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Multiple program options available
- DSCR as low as 1.15
- Interest only options
- Flexible prepay structures
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| Multifamily Loan for Life™ |
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| With fixed
interest rates up to 30 years, Capital Assets, Inc's
Multifamily Loan for Life eliminates interest rate risk
preserving the integrity of your investment. |
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Fixed rates up to 30 years
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No balloon payments
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No interest rate resets / adjustments
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Non-recourse
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| Best Program for You |
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| Which one of our apartment
building loan
programs is best for you? By providing some basic
information about yourself, your property and what type
of apartment financing you
are looking, we can help you
decide which one of our programs is best for you. |
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| Multifamily Learning Center |
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Home > » affordable-housing-loans |
Apartment Loans for Affordable
Housing Properties
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| Capital Assets,Inc
provides apartment loans for affordable housing
properties through the following programs:
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Fannie Mae Affordable Housing Loans
and LIHTC Program Overview
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The Fannie Mae Affordable
Housing Loan program provides permanent, long-term fixed
rate debt for financing or refinancing for stabilized
multifamily housing properties with
regulatory based
rent or income restrictions and LIHTC properties with
expiring tax credits.
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$1 million minimum loan size
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1.15 DSCR
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Up to 80% LTV
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Flexible underwriting specific to affordable housing
properties
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Non-recourse and assumable
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Properties that accept tenant based Section 8 rental
subsidies are processed through the
Fannie Mae Small Loan or
DUS program and not the Affordable Housing
program
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More Fannie Mae Multifamily
Affordable Housing Financing Solutions
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Fannie Mae Multifamily Affordable Housing Loan
and LIHTC Program Guidelines
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Eligible Properties |
Eligible property types include, Section 8 HAP
contracts, expiring Low Income Housing Tax Credits,
refinancing of tax exempt-bonds, properties with
existing RD 515 and RD 538 loans and loans insured
under Section 202 and 236 of National Housing Act.
Financing for LIHTC properties with expiring
tax credits are eligible. |
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Income Restrictions |
Low-income qualifying restrictions; 20%
or more units rented to families earning at
or below 50% of Area Median Income (AMI), or
40% or more units rented to families earning
at or below 60% of AMI. Restriction
must be recorded. |
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Restabilization |
A restabilization reserve equal to 6
months debt service is generally required.
May be reduced or waived on an exception
basis. |
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Eligible Locations |
All 50 states, Puerto Rico, U.S. Virgin
Islands, Guam. |
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Loan Size |
$1,000,000 with no maximum. |
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Fixed Rate Term |
Up to 30 years. |
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Floating Rate |
Available. |
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Amortization |
30 years. |
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Minimum DSCR |
1.15. |
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Maximum LTV |
80% for purchase and rate and term
refinance. 75% for cash out refinances and
5-year fixed rate term. |
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Minimum Occupancy |
85% physical / 80% economic for 90 days
prior to closing. |
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Prepayment Penalty |
The greater of 1% or yield maintenance. |
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Guarantee |
Non-recourse for most loans subject to
standard carve-outs. |
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Assumable |
Yes, subject to lender approval. |
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Impounds |
Tax and insurance required. |
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Replacement Reserves |
Required. |
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Rate Lock |
At commitment. Extended rate lock up to
six months available. |
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Borrower |
Single asset single purpose bankruptcy
remote U.S. entity. |
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Sponsor Requirements |
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680 minimum credit score
(unlike the Small Loan program, some flexibility
with credit score and overall credit in general)
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Sponsor should either have
experience with rent/income restricted properties or
have professional third party management with the
necessary experience
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Absentee ownership requires
two years comparable multifamily ownership
experience
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Underwritten NOI |
Fannie requires a minimum expense for
specific expense line items, e.g.
maintenance and repairs, management,
payroll, general and administrative and
replacement reserves. |
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| The
Low Income Housing Tax Credit Program is designed to provide
incentives for the production and preservation of affordable
housing properties. Tax credits are provided for investment in
well-built, well-maintained rental properties that qualify for
the LIHTC program, affordable housing properties where renters
earn 60 percent or less of area median income. |
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