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Banc Series West Coast Apartment Loan Program

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Banc Series West Coast Multifamily Program Overview

Customized apartment financing and mobile home park financing available for properties located in core markets of California, Oregon and Washington. The Banc Series West Coast program provides highly competitive terms delivered through a streamlined "deal making" underwriting process.
  • Aggressive pricing - won't be beat on rate
  • DSCR calculation based on P&Ls, not on tax returns
  • Fast local decision making
  • Fixed rate terms up to 15 years
  • Low LTV interest rate reductions
  • Lower DSCR (1.20) maximizes loan dollars
  • 90 day rate lock at Letter of Intent
  • 30-year amortizations
  • Limited prepayment penalty
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Banc Series West Coast Program Guidelines

  • $1MM - $5mm (larger loans considered)
  • 1.20 minimum DSCR
  • Up to 75% LTV
  • 90 day interest rate lock at time of LOI
  • 3, 5, 7, 10, and 15 year fixed rate terms
  • 30 year amortization
  • Step down prepay (e.g. 3,2,1)
  • Personal recourse required (non-recourse considered for lower leveraged deals)
  • 660 minimum credit score
  • Loan converts to adjustable rate at the end of fixed term based on 6-month LIBOR
  • .50% quarterly rate cap
  • Interest rate floor is equal to start rate
  • 10% lifetime interest rate cap
  • 90% minimum occupancy required
  • HAP regulatory agreement properties okay
  • Limited seismic reports
  • Mixed Use with up to 20% commercial income and square footage acceptable. Five apartment units minimum required
  • Mobile home parks acceptable
  • Impounds for tax and insurance not required
  • Replacement reserves not required
  • A, B, and C 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.
  • Minimum 2 star quality park for MHP
Which Program is Best for Me Quick Quote Apply Now
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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 West Coast Apartment loan program that program guidelines and highlights don't tell you.
Pluses
  • Quick (at application) extended rate locks
  • Fairly flat approval process (i.e. no multi-level committee meetings, etc.)
  • Lower rates for lower leveraged loans
  • Terms rarely change from LOI
  • Limited inspections (e.g. no engineering report)
  • DSCR based on P&Ls, not on tax returns
  • Use annualized rent roll, not historical income, for recently stabilized properties
Minuses
  • Tertiary markets ineligible
  • Tax returns required
  • Global DSCR calculation
  • Minimum liquidity and net worth requirements
  • Property condition and location are important to approvability
  • Annual financial reporting requirements
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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, program guidelines and interest rates 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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