Banc Series Nationwide Program Overview
Available nationwide in most primary and secondary markets, the Banc Series Nationwide program provides competitive, low cost financing for 5+ unit multifamily properties, residential/commercial mixed-use properties with less than 25% of revenue generated from commercial use, and mobile home park communities.
- Nationwide lending platform
- Fast decision making
- Flexible underwriting guidelines
- Low LTV interest rate reductions
- Customized financing for your unique situation
- 30-45 day closings
Banc Series Nationwide Program Guidelines
- $500,000 minimum loan size
- 1.25 minimum DSCR
- Up to 75% LTV
- Purchase or refinance with cash out
- Rate lock at time of LOI
- 3, 5, 7 and 10 year fixed rate terms
- 30-year amortization
- Step down prepay (e.g. 3,2,1)
- Personal recourse required (non-recourse considered for exceptional sponsorship at 55% or less
- 640 or better credit score required
- Loan converts to adjustable rate at the end of fixed term
- 90% minimum occupancy required
- Section 8 subsidized rents okay
- No earthquake, tuck under parking or PML requirements
- Mixed-use with up to 25% commercial income and square footage acceptable. A minimum of 5 residential units required
- Mobile home parks acceptable
- HAP contract acceptable with strong sponsor
- Student housing properties considered
- Foreign Nationals up to 65% LTV
- Replacement reserves not required
- A, B, and C property types considered
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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
Ease and Convenience
Simplified Loan Process
What you need to know about the Banc Series Nationwide Apartment Loan program
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 Nationwide Apartment Loan program that program guidelines and highlights don't tell you.
- Exception based underwriting
- Storied deals acceptable for strong sponsor
- Property exceptions (age, condition, structural)
- Lower rates for strong sponsorship, properties located in major markets and low LTV
- Tax returns required
- Global DSCR calculation
- Higher rates for properties located in smaller or tertiary markets
- Minimum liquidity and net worth requirements