Banc Series Select Apartment Loan Program Overview
The Banc Series Select Apartment Loan program offers borrowers flexibility in program terms and underwriting guidelines, while offering highly competitive fixed and floating rate terms. A streamlined underwriting process provides a fast and accurate pre-application process with closings in under 45 days.
Select Series is only available in the following states: California, Oregon, Washington, Idaho, Arizona, New Mexico, Utah, Colorado and Montana.
- Flexible program terms
- Streamlined underwriting process
- Fixed and floating rate terms
- Non-recourse available
- Balloon and hybrid loan options
- Up to 30 year terms
- Common sense underwriting
- Will lend on syndicated deals
Banc Series Select Apartment Program Guidelines
- Apartment loan sizes $750,000 - $10,000,000
- 1.25 minimum DSCR
- Up to 75% LTV
- Lock at commitment
- 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 lower leveraged deals)
- 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
- 6% over start rate lifetime interest rate cap
- 90% minimum occupancy required
- Balloon and hybrid terms
- Forward rate locks available
- 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.
- Cash out refinancing okay
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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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What you need to know about the Banc Series Select 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 Select Apartment loan program that program guidelines and highlights don't tell you.
Select Series is only available in the following states:
California, Oregon, Washington, Idaho, Arizona, New Mexico, Utah, Colorado and Montana.
- 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