MULTIFAMILY

Underwriting Parameters

Term:

10 Year Fixed Rate Loan Term.

Amortization:

30 Year Amortization

Loan to Value

90% Maximum

Debt Service:

1.20 Minimum

Preferred Properties:

Age & Condition

20 years old or less. Older properties with material renovations are acceptable. Regardless of age, all properties should be in average to good condition
 

Construction

Pitched roofs with masonry or wood construction on garden type buildings and separately metered units
.

Leasing:

Lease expirations should not exceed 25% in any one month with the predominance of leases being for a term of 12-months.
 

Tenancy:

Concentration of 20% or less from a single employer, industry or military installation. Student housing and corporate leasing is acceptable subject to specific underwriting considerations.
 

Parking:

Should be On-site where possible, in proportion with competitive properties.
 

Location:

Near employment centers and supporting retail uses as well as having good access and visibility from a main road.
 

Market:

Should be stable or exhibit positive economic and demographic indicators.
 

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