Multifamily (5+)/Apartments - Bridge loan - Purchase + Rehab

[Upen Patel]

Buying a Multifamily (5+ units) that needs rehab? Low occupancy? Increase rent for higher valuation?

I can provide bridge loan for your purchase.

• LOAN TERMS - Typically 15-month base term + extensions
• RATE - Floating based on 1 month Libor plus spread
• INTEREST ONLY - Applicable, No Amortization
• ELIGIBLE PROPRIETIES - Conventional multifamily housing with five residential units or more. Mixed use subject to limitations.
• LOAN AMOUNTS - $1 million - $7.5 million
• LOAN PURPOSE - Acquisition or Refinance (Cash Out Available) including rehab
• DEBT SERVICE COVERAGE - 0.85x available in Top and Standard Markets
• MAXIMUM LTV - 80% available in Top and Standard Markets | Maximum LTC 85%
• SPONSOR FINANCIALS Net worth equal to or exceeding loan amount. Liquidity equal to or greater than 9 months P&I prior to closing
• CREDIT - Minimum FICO score of 650
• OCCUPANCY - Minimum 90% occupancy of units for 90 days prior to underwriting
• TAX & INSURANCE ESCROWS - Real estate tax escrow not required for transactions with 65% LTV or less Insurance escrows deferred

Upen Patel

Vice President, The Federal Savings Bank

web: www.thefederalsavingsbank.com/upenpatel

cell: (571) 331-5161

email: [email protected]

Federal NMLS# 1374243