Multifamily Small Balance Low Rate Loans
Fannie Mae and Freddie Mac
Nationwide
$1.5 Million to $6 Million
Multifamily, mobile home parks and cooperative properties
Term: 10 years
Interest Rate: 3 to 4.75% fixed
Amortization: 30 years
Maximum LTV: 80% for purchases and 75% for refinances
Borrowers may take surplus cash distributions from the property’s operating account anytime.
Minimum DSCR: 1.25
Prepayment: yield maintenance or declining schedule
Non-recourse in select large markets
Rate Lock after commitment issued; streamlined for fixed rates
Accrual: 30/360 and Actual/360
Taxes & insurance escrows required for Tier II
Assumable
Borrower requirements:
(1) Must have been on title 2+ years for similar sized multifamily project(s) in last 3 years
(2) Net worth must equal loan amount (combined all key principals)
(3) Liquidity must equal 10% of loan amount (combined all key principals)
(4) 660+ credit
(5) No bankruptcy, foreclosure or short sales in last 3 years
(6) Borrower: single asset LLC, Corporation or Partnership
(7) No tax returns required
Due Diligence Fee: $4,500 – $8,500 non-refundable for 3rd party reports and processing
Rate Lock Deposit: 1% to 2% due upon acceptance of commitment; refundable upon closing
Funding: 45-60 days from complete loan application to lender commitment letter.
No upfront Eagle fees. We are paid when your loan is funded at closing.
Eagle is a correspondent lender for the largest FHA-HUD Commercial Lender in the USA. We close more than half of all FHA-HUD Commercial loans and rank in top 10 for Fannie Mae and Freddie Mac.
To get started, please click the blue Small Balance Low Rate Loan Link for your PRE APPROVAL LOI within 48 business hours. With a few clicks of your mouse it TAKES LESS THAN 6 MINUTES to submit you online loan request. No upfront fees, credit cards, Social Security Numbers or credit checks are required.
