Banc Series Major Markets Apartment Loan Program Overview
For average or better quality multifamily properties located in major markets, the Banc Series Major Markets program provides qualified properties and sponsors with highly competitive and rates and aggressive terms. Rates are competitive with secondary market products without some of the downsides (defeasance or yield maintenance prepays, replacement reserves, rate lock at commitment).
- Highly competitive rates and aggressive terms
- Property and location driven
- No tax returns or bank statement requirements
- 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
- 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
- 650 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 rate lock or commitment deposits
- Rate lock at Letter of Intent
- Streamlined closing process
- Mixed-use with up to 25% commercial income and square footage acceptable. A minimum of 5
- residential units required
- Impounds for tax and insurance not required
- Replacement reserves not required
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Eligible property types Multifamily property types: 5+ Unit Apartment Building, 5+ Unit Townhome Style Contiguous, 1-4 unit Residential Contiguous, 1-4 Unit Non-Contiguous > 5 units, 5+ unit Fractured Condominium, Mobile Home Park, Student Housing, Affordable Housing With LURA, Affordable Housing With Section 8, Affordable Housing With HAP, Seniors Housing With Care, 55+ Seniors Housing Without Care, Military Housing, Cooperative
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Why Choose CREFCOA
More Choices
Better Decisions
Unbeatable Rates
Unbeatable Terms
Ease and Convenience
Simplified Loan Process
What you need to know about the Banc Series Major Markets Apartment Loan Program
Pluses
- Property and location driven. Unlike most other programs, there are no defined sponsor net worth and liquidity requirements. No personal debt to income calculations or global debt to income calculations.
- Tax returns and bank statements not required
- Reduced documentation requirements
- No true loan committees
- Non-local ownership okay
Minuses
- Limited footprint. Desired lending areas are in the metro areas of 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.