| FNMA Small Apartment Loans Chicago's $750,000 to $5,000,000 Kendall Realty Advisors - Chicago, IL |
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| SMALL APARTMENT LOANS CHICAGO NATIONAL LOANS FNMA and Conventional Apartment Loans LOW RATES AND SPREADS - NON Recourse 4%+ to low 5% FNMA Nationally - Conventional Locally Chicago Area five county area - Looking for Lake County Affordable deals Conventional Loan- $200,000 and up rates from high 4% 1/2 pt. 5 years low prepayments. FNMA Loan Amounts: $750,000 - $5,000,000 for over $5 Million go to FNMA Loan Fixed Rate Balloon Loans: 5, 7, 10 year loan terms with up to 30 year amortization Loan to Value: 80% Purchase or Refinance, 75% Cash Out Refinance Minimum Debt Service Coverage Ratio: 1.25x Interest Rates: 2.50% to 3.00% over 10 year treasury rate - fixed lower spreads for lower loan to values and higher Debt Financing Fee: 1% Loan Application: $4,500 for all reports Property Requirements: 5 or more multifamily units Stabilized Occupancy: 90 percent or better physical occupancy (85 percent economic) for the preceding 12 months Eligible Borrower Structures: Corporation, Limited Liability Company, Limited Partnership, General Partnership, Trust, Co-Tenant, Individual. The Borrower is not required to be a single asset entity Non-U.S. Key Principals: NOT eligible Borrower / Key Principal Financial Eligibility: Generally, post-closing liquidity equal to or greater than nine (9) months of debt service and Aggregate Key Principal net worth equal to or greater than the subject loan amount Borrower / Key Principal Real Estate Experience Requirements: Minimum of 3 years ownership with two multifamily properties (5+ units) OR Five years or more with the subject property FOR BORROWERS WITH GOOD TRACK RECORD - CASH FLOWING PORTFOLIOS - GOOD 680 + CREDIT - SEVERAL YEAR HISTORY OF OPERATING APARTMENTS LOAN REQUEST CHECKLIST Cities - Chicago, Baltimore, Boston, Los Angeles, New York City, San Diego,San Francisco, San Jose (CA), Sacramento, Seattle, Philadelphia and Washington PRELIMINARY SUBMISSION PACKAGE: 1) Property description and location map. 2) Representative interior and exterior photographs. 3) Current rent roll and year-to-date operating statement. 4) Operating history - prior 3 years, if available. 5) Pro-Forma 12 month operating budget 6) Owner resume and financial statement other properties cash flow 7) Existing debt, purchase price, date purchased if applicable 8) If purchase, purchase agreement and time remaining on contract 9) Vacancy and Concessions, bad debt other rent loss for last 12MNS 10) Area and Neighborhood description KEYWORDS: Small apartment Loan Chicago, Apartment Lender IL Small apartment purchase loan, small apartment refinance, fixed rate, non-recourse Baltimore, Boston, Chicago, Los Angeles, New York City, San Diego,San Francisco, San Jose (CA), Sacramento, Seattle, and Washington |
| For more details and for Rate updates go to:Small Apartment Loan Blog Scott Kendall (847) 903-7578 Scott Charles Kendall (773) 259-7074 Chuck |
