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"Multi Family 250" Advantages:
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Brokers Protected!
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Our Registration Package requires less
paperwork.
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Refer Your Clients...Sit Back...Relax...Collect
Your Fee
Peachtree Mortgage Will
Complete The Processing And You Collect Your Fee At Closing
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Conditional Approvals issued upon
submission, review and acceptance of the Registration Package.
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Loan amounts $250,000 to $5 Million
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Non-Recourse available for strong
borrowers/transactions for LTVs above 50%;
over 65% may require rate add.
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Purchase loans to 80% LTV.
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Purchase loans to 75% LTV with a 10% seller
carry back (85% CLTV)
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The Underwriting File is much more simply
packaged.
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Insurance carriers with B+ ratings or better
allowed (A- not required).
Wholesale Rates - Multi Family 250/ 5+ Units:
|
Program |
Start/Floor Rate |
YSP |
Term (max) |
Pre-Payment |
| |
|
|
|
|
|
ARM -6 Mo |
4.625 |
PAR |
30 |
3,2,1 |
|
ARM -6 Mo |
4.875 |
(0.500) |
30 |
3,2,1 |
| |
|
|
|
|
|
2 Yr. ARM |
5.500 |
PAR |
30 |
3,2,1 |
|
2 Yr. ARM |
5.750 |
(0.500) |
30 |
3,2,1 |
| |
|
|
|
|
|
3 Yr. ARM |
5.750 |
PAR |
30 |
3,2,1 |
|
3 Yr. ARM |
6.000 |
(0.500) |
30 |
3,2,1 |
| |
|
|
|
|
|
5 Yr. ARM |
5.750 |
PAR |
30 |
3,2,1,1,1 |
|
5 Yr. ARM |
5.875 |
(0.500) |
30 |
3,2,1,1,1 |
| |
|
|
|
|
|
7 Yr. ARM |
6.125 |
PAR |
30 |
3,3,2,2,1,1,0 |
|
7 Yr. ARM |
6.250 |
(0.500) |
30 |
3,3,2,2,1,1,0 |
| |
|
|
|
|
|
10 Yr. ARM |
6.500 |
PAR |
30 |
3,3,3,2,2,2,1,1,1,0 |
|
10 Yr. ARM |
6.625 |
(0.500) |
30 |
3,3,3,2,2,2,1,1,1,0 |
|
Please refer to the Program Highlights for more information
about programs, sizing, underwriting, credit, etc. |
Program Highlights - Multi Family
250/ 5+ Units:
|
Loan Amounts: |
$250,000 - $5,000,000.
(See Add-On’s)
|
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Quality: |
"A" to "C" Average and above properties
(minor deferred maintenance considered). Mixed use considered with no
more than 25% of income derived from other than residential use.
|
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LTV: |
LTV: 75% - 80% Purchase; Maximum 75%
Refinance.
(See Add-On’s)
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Seasoning:
|
1-12 months – Refinancing generally not
considered during the first 12 months of ownership.
12-24 months – Refinancing generally considered up to 90% of original
purchase price.
(See Add-On’s)
|
|
DCR |
Minimum 1.20:1 DCR – 75% on Purchase or
Refinance.
Minimum 1.20:1 DCR on 80% Purchases. 75% Refinance (80% case-by-case).
|
|
Rate Caps |
6 Mo ARM – 1% periodic & 6% lifetime
over Start Rate
(Minimum Life Cap Rate 10%).
2, 3, 5, 7, 10 Fixed – roll to 6-Month Adjustable @ 6 Mo. LIBOR+ 2.50%;
3% (not 5%) max first adj. / 1% subsequent / 6% Lifetime Cap.
|
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Floors |
Floor equals the Start Rate on all
programs.
|
|
Qualifying |
6 Mo. ARM @ 5.50%. - 2,3,5,7 and 10 Yr.
@ Start Rate.
|
|
Rate Lock |
At time of approval or 60 Day Advance
Rate Lock after Conditional Approval with $250 non-refundable fee
Above $3,000,000 = $2,500
($2,000 of the non-refundable $2,500 will be
credited when the loan closes).
|
|
Recourse |
Full. Non-Recourse available on
case-by-case basis.
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Assumability |
One time with 1% fee and lender
approval.
|
|
Reports |
$2,500 deposit typically required for
appraisal, environmental and property inspection if required.
|
|
Ancillary Costs |
$1,375 up to $1MM, $1,475 up to $3MM,
$1,575 over $3MM for Underwriting, Administration and Loan Documents.
$150 Legal Review per Entity. $500 non-refundable processing fee.
Additional document fees as required based on entity structure and
post closing requirements (holdbacks, side letter agreements,
super-rush fees, re-underwriting fee or re-lock fee.)
|
|
Impounds |
Property Taxes and Insurance.
|
|
Credit |
Typically good to excellent with minimum
middle FICO of 660.
(See Add-On’s)
|
|
Pre-Qual |
Prequalification Letter within 48 hours
upon receipt of 1003, Tri-merged credit, Rent Roll, Digital Photo’s,
Historical Income & Expense Statements.
|
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Add-On’s: |
a. Add a 0.250% to rate if Loan
Amount below $500,000.
b. Add a 0.250% to rate if Middle Credit Score less than 660.
c. Add a 0.250% to rate if Seasoning Exception on refinance.
d. Add a 0.250% to rate if more than 50% singles in a project.
e. Add 0.125% to rate for LTV over 75%.
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|
Lending Area |
Nationwide (This product not available
in AR, CA, MI, & NV) |
Rates for Real Estate and Mortgage
Professionals Only
Rates Subject to Change
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