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Commercial Mortgage Loans |
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expertise and strategic relationships required to
provide you with the most competitive rates and terms
for your commercial property loan. |
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Multiple commercial financing options
- Competitive interest rates, terms and costs
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specialists
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time and money
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about the property and commercial real estate financing you’re
seeking and we will provide a no cost no obligation
quote. |
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| Commercial Learning Center |
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Home >
Commercial Loan Center Refinance or Purchase |
Banc Series Select Apartment
Loan Program Overview
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The Banc Series Select
Apartment Loan program offers borrowers flexibility in program terms
and underwriting guidelines, while offering highly
competitive fixed and floating rate terms. A streamlined
underwriting process provides a fast and accurate
pre-application process with closings in under 45 days.
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Select Series is only
available in the following states:
California, Oregon, Washington, Idaho, Arizona,
New Mexico, Utah, Colorado and Montana. |
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Flexible program terms
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Streamlined underwriting process
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Fixed and floating rate terms
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Non-recourse available
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Balloon and hybrid loan options
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Up to 30 year terms
- Common sense underwriting
- Will lend on syndicated deals
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Banc Series Select Apartment Program Guidelines
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Apartment loan sizes
$750k - $10mm
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1.25 minimum DSCR
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Up to 75% LTV
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Lock at commitment
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3, 5, 7 and 10 year fixed rate terms
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30 year amortization
- Step down prepay (e.g. 3,2,1)
- Personal recourse required (non-recourse
considered for lower leveraged deals)
- 680 minimum credit score
- Loan converts to adjustable rate at the end of
fixed term based on 6-month LIBOR
- 1% periodic rate cap
- Interest rate floor is equal to start rate
- 6% over start rate lifetime interest rate cap
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90% minimum occupancy required
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Balloon and hybrid terms
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Forward rate locks available
- Mixed Use with up to 20% commercial income and
square footage acceptable. Five apartment units
minimum required
- Mobile home parks acceptable
- Impounds for tax and insurance not required
- Replacement reserves not required
- A, B, and C property types considered
- Eligible property types include, 5+ unit
traditional apartment complexes, condo properties
without fractured ownership, town homes, duplexes,
high-rise.
- Cash out refinancing okay
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What You Need to Know
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Program descriptions,
highlights and underwriting guidelines are helpful when
considering if an apartment loan program is right for
you and your property. However, they don't always tell
the whole story. Below is what you need to know about
the Banc Series Select Apartment loan program that
program guidelines and highlights don't tell you.
Select Series is only
available in the following states:
California, Oregon, Washington, Idaho, Arizona,
New Mexico, Utah, Colorado and Montana. |
Pluses
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Exception based underwriting
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Storied deals acceptable for strong sponsor
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Property exceptions (age, condition, structural)
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Lower rates for strong sponsorship, properties
located in major markets and low LTV
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Minuses
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Tax returns required
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Global DSCR calculation
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Higher rates for properties located in smaller or
tertiary markets
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Minimum liquidity and net worth requirements
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Which Program Is Best For You
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 Which
one of our apartment loan programs is best for
you? It depends on what you are looking for in a
loan (e.g. interest rate, amortization, prepay,
cost). It also depends on property (e.g.
location, age, condition, debt service) and
sponsor (e.g. credit score, financial strength,
experience) characteristics. By providing some
basic information about yourself, your property
and what you are looking for in an apartment
loan, we can help you decide which one of our
programs is best for you. |
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Let us help you decide
by providing the following information: |
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2 years and YTD income and expense statement (P&L)
for the subject property
- Current rent roll for subject property
- Interior and exterior photos
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Personal financial statement
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Schedule of real estate owned
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Brief narrative highlighting multifamily ownership
experience
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| Apartment loan availability --
including LTV, DSCR, and loan size -- may vary depending
on property location, economic conditions, exposure, and
other variables that may negatively influence risk. Loan
programs and program guidelines are subject to change.
Information provided is not an offer to make a loan and
should be used for informational purposes only. Meeting
the minimum program eligibility requirements doesn't
automatically qualify you for a loan. |
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