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Banc Series California Apartment Loan Program

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Banc Series California Apartment Loan Program

One of the largest and most diverse markets for multifamily housing, California properties require more than just a "one size fits all" approach to financing. The Banc Series California Apartment Loan program provides the most competitive rates, terms and flexibility in underwriting guidelines available to help maximize your investment in California multifamily housing.
  • Specialized financing for CA properties
  • Industry low 1.15 DSCR
  • Interest only payment options
  • Reduced rates for lower leveraged deals
  • Rate lock at LOI
  • Reduced and no prepay options
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Banc Series California Apartment Loan Program Guidelines

  • $1MM - $7mm (larger loans considered)
  • 1.15 DSCR
  • Up to 75% LTV
  • Rate lock at approval
  • 3, 5, and 7, year fixed rate terms
  • 30 year self amortizing terms
  • Interest only up to 5 years
  • Flexible prepay structure - pay up to 20% per year without a prepay penalty
  • 660 minimum credit score
  • Loan converts to adjustable rate at the end of fixed term based on 12 MAT
  • .50% quarterly rate cap
  • Interest rate floor is equal to start rate
  • Lifetime cap is the greater of 5% over the start rate or 9.5% plus any price increases
  • 90% minimum occupancy required
  • Limited seismic reports (liquefaction report)
  • Mixed Use with up to 50% commercial income and square footage acceptable. A minimum of five apartment units required.
  • Impounds for tax and insurance not required
  • Replacement reserves not required
  • A and b property types considered
  • Eligible property types include, 5+ unit traditional apartment complexes, condo properties without fractured ownership, town homes, duplexes, high-rise. Properties with more than 25% studios considered on an exception basis.
  • Properties with off-street parking only are prohibitive
  • Personal recourse required (non-recourse considered for lower leveraged deals)
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What You Need to Know

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 California Apartment Loan program that program guidelines and highlights don't tell you.
Pluses
  • Most competitive program for CA multifamily properties (rates, terms, prepay, costs, etc.)
  • Typically able to obtain higher loan dollars on debt service constrained loans
  • Recently relaxed seismic requirements for both property and third party reports
  • Local underwriting and decision making
Minuses
  • Best rates and best terms available. Therefore, underwriting is picky about asset quality and strength of sponsorship
  • Slightly longer processing times
  • Tax returns required
  • Global DSCR calculation
  • Minimum liquidity and net worth requirements
Eligible Locations
Financing provided for properties located in the metropolitan areas of Los Angeles, San Diego, Orange, Santa Barbara, Ventura, Sonoma, San Jose, Napa, San Francisco, Contra Costa, Alameda, San Mateo, Santa Clara and two counties in Washington State (King and Snohomish Counties).


Other markets in metro California considered on a case by case basis.

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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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