Conduit Apartment Loans

• 30-year amortization
• Up to 10-yr fixed rates
• Up to 75% leverage
• No restrictions on cash out refinances
• Non-recourse
• Mezzanine financing for apartment loans available on a deal by deal basis

Conduit loans for apartment buildings and multifamily housing properties with 5 plus units located in small, mid and large markets nationwide.

Bankruptcy-Remote SPE (special purpose entity). Entities may be corporations, limited liability companies or limited partnerships

$3 million minimum with no maximum

Interest rates for CMBS apartment loans are based on an index (5 or 10-year Swap) plus a spread. Where the interest rate falls in the spread range depends on:

• Loan size
• Property (e.g. quality, location, tenant strength, lease terms)
• LTV, DSCR and debt yield

View indicative interest rates for CMBS loans and conduit loan interest rates

Up to 75%

1.25-1.35 minimum

5 and 10-year fixed rate terms

25-30-year amortizations

7%-9%

Defeasance or yield maintenance

Non-recourse subject to standard carveouts

$15,500 - $30,500, due upon acceptance of LOI

At commitment

No less than 90% for 90 days preceding closing

Title to be ordered by lender at borrower's cost

Appraisal to be ordered by lender at borrower's cost, no exceptions

Taxes, insurance, tenant improvements, replacement reserves, 125% of cost for needed repairs.

Include the following in your request for a conduit CMBS apartment loan quote:

• Property description
• Representative color photographs or property website
• Current rent roll
• YTD and two prior years income and expense statements
• 12 month trailing income and expense statement
• 12 month operating budget
• Capital improvements summary
• Sponsor resume outlining experience owning and operating multifamily properties
• Management company bio

Conduit apartment loan program underwriting guidelines are provided for informational purposes only and do not constitute, or should not be interpreted, to be an offer to make a loan, a loan approval, or any other language that implies that by meeting these basic requirements Crefcoa will provide borrower with a loan under these terms.