CMBS MULTIFAMILY FIXED RATE LOANS
Non-recourse, assumable fixed-rate financing for the acquisition or refinance of stabilized multifamily properties in Dallas Ft. Worth.
CMBS Apartment Loan Amount:
Minimum $3,000,000
CMBS Loans for Stabilized Apartments in Texas
Amount
Minimum $3,000,000 for multifamily
Terms
5-10 year term; interest only periods up to full term are available
Loan to Value Maximum
75% of appraised value or purchase price constrained by Minimum Debt Yield
Coverage Minimum
1.25x DSCR
Minimum Debt Yield
7% for multifamily; 8.5% for office, retail, industrial, and self- storage; 10.5% for hotels
Minimum Occupancy
85% (physical) 80% (economic)
Borrower
Domestic single asset borrowing entity is required. Foreign sponsors may be financeable
Interest Rate
Risk-based pricing, varying with Debt Yield, amortization, LTV, DSCR, market and sponsor
Prepayment Terms
Defeasance with a lockout period of 24 months from securitization. Yield maintenance may be used in certain circumstances
Third Party Reports
MAI Appraisal, Property Condition Report and Environmental Phase I Assessment are required; Seismic Reports are required for properties in Seismic Zones 3 and 4
Reserves
Tax and Insurance escrows are required; Immediate Repair and Replacement escrows are required based on engineer’s Property Condition Report. Office and retail may require rollover reserves.
Application Fee
$45,000 covers third party, legal and out of pocket expenses
Origination Fee
Negotiable
Timing
28 – 60 days from application to funding; dependent on third party report timing and borrower’s submission of due diligence
Rate Lock
Typically, rate lock occurs on or a few days prior to the closing date
Assumability
Loan is assumable, subject to lender approval of proposed replacement borrower; Fees include 1% assumption fee and Lender’s reasonable out-of-pocket expenses
For current CMBS apartment loan rates, contact our multifamily lenders in DFW.
Call For a Quote:
(214) 679-9673
Related Fannie Mae Loan Options
FANNIE GREEN
FANNIE HYBRID ARM
