Multifamily (5+ units)
- LTV: up to 75% (purchase), 70% (refi).
- DSCR: minimum 1.20x on a 30-year amortization.
- Term: 5/7/10-year fixed; 30-year amortization standard.
- Recourse: non-recourse with bad-boy carve-outs over $1M loan.
Sponsor brief · Commercial financing
Commercial Financing Brief
Term sheets, sponsor requirements and underwriting criteria for multifamily, mixed-use and bridge deals from $1M to $50M.
Mixed-use
- Residential income must be ≥ 50% of gross.
- LTV: typically 65–70%.
- Pricing premium of 25–50 bps over straight multifamily.
Bridge & value-add
- 12–36 month interest-only term.
- Up to 80% LTC including rehab budget.
- Exit: refinance into permanent or sale.
- Pricing: SOFR + 350–600 bps depending on sponsor and asset.
Sponsor requirements
- Liquidity: 10% of loan amount post-close.
- Net worth: equal to or greater than loan amount.
- Experience: 2+ similar assets owned/operated in the last 5 years.
- Credit: 680+ for principal sponsors.
Documents needed for term sheet
- T-12 operating statement and rent roll.
- Pro forma with assumptions.
- Sponsor PFS and schedule of real estate owned.
- Purchase contract (if acquisition).
Typical timeline
Term sheet: 5–10 business days. Loan application to close: 45–75 days on stabilized assets; longer on construction or heavy value-add.
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Sponsor brief
Commercial Financing Brief
Term sheets, sponsor requirements and underwriting criteria for multifamily, mixed-use and bridge deals.
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