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Banc Series Major Markets Apartment Loan Program

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Apartment Loans
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Why Choose
Crefcoa has the knowledge, expertise and strategic relationships required to provide you with the most competitive rates and terms for your commercial or multifamily property.
  • Multiple program options
  • Competitive rates and terms
  • Knowledge and expertise
  • Certainty of execution
  • Convenient electronic loan process
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Provide some basic information about the property and apartment financing you’re seeking and we will provide a no cost no obligation quote.
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Banc Series Major Markets Apartment Loan Program Overview

For Class A and B assets located in major markets, the Banc Series Major Markets program provides qualified properties and sponsors with the most competitive and aggressive rates and terms in the market. Rates are competitive with secondary market products without some of the downsides (defeasance, replacement reserves, delayed rate locks).
  • Highly competitive rates and terms
  • Property and location driven
  • No tax returns or bank statements
  • Non-recourse available
  • Low DSCR (1.15) maximizes loan dollars
  • Rate lock at Letter of Intent

Banc Series Major Markets Apartment Loan Program Guidelines

  • $500,000 minimum loan size. No maximum
  • 1.15 minimum DSCR
  • Up to 75% LTV
  • Interest rate lock at time of LOI
  • 3, 5, 7 and 10 year fixed rate terms
  • 30 year amortization
  • Interest only options available
  • Step down prepay (e.g. 3,2,1)
  • Recourse and non-recourse available
  • 680 minimum credit score
  • Loan converts to adjustable rate at the end of fixed term based on 6-month LIBOR
  • 1% periodic rate cap
  • Interest rate floor is equal to start rate
  • 10.5% lifetime interest rate cap
  • 90% minimum occupancy required
  • No or rate lock or commitment deposits
  • Rate lock at Letter of Intent
  • Streamlined closing process
  • Mixed Use with up to 20% commercial income and square footage acceptable. Five apartment units minimum required
  • Impounds for tax and insurance not required
  • Replacement reserves not required
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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 Major Markets Apartment Loan program that program guidelines and highlights don't tell you.
  • Property and location driven. Unlike most other programs, there are no defined sponsor net worth and liquidity requirements. No personal debt to income calculations nor global debt to income calculations
  • Tax returns and bank statements not required
  • Reduced documentation requirements
  • No true loan committees
  • Non-local ownership okay
  • Limited footprint. Desired lending areas are in the metro areas of the designated cities
  • Slightly below average properties and/or properties located in below average locations are typical ineligible
  • Slightly longer initial screening process (LOI)
  • Annual financial reporting requirements
  • Exceptions or out of the box situations typically not considered
Eligible Locations
Financing provided for properties located in the metropolitan areas of Los Angeles, San Diego, San Francisco, Sacramento, Orange, Portland, Seattle, Denver, Minneapolis, Chicago, Boston, New York, Philadelphia and Washington DC.

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


Which Program Is Best For You

Which Program is BestWhich one of our apartment loan programs is best for you? It depends on what you are looking for in a loan (e.g. interest rate, amortization, prepay, cost). It also depends on property (e.g. location, age, condition, debt service) and sponsor (e.g. credit score, financial strength, experience) characteristics. By providing some basic information about yourself, your property and what you are looking for in an apartment loan, we can help you decide which one of our programs is best for you.
Let us help you decide by providing the following information:
  • 2 years and YTD income and expense statement (P&L) for the subject property
  • Current rent roll for subject property
  • Interior and exterior photos
  • Personal financial statement
  • Schedule of real estate owned
  • Brief narrative highlighting multifamily ownership experience
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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.