Apartment Financing On Sale
Freddie Mae/Frannie Mac Small Business Loans up to $7.5 Million
Rates for Top Markets 3% to 3.5%
Standard Markets 3.25% to 3.75%
Key Attributes of Small Balance Loans (SBL)
- 100-Units or Less
- Reasonable Costs (+/-$12.5K - $15K)
- Standard Documents
- Short Form Third Party Reports
- 10 Year Fixed Rate & Hybrid Programs
- Also 5 – 30 Year Terms
- 5 – 50 Unit Properties Have Potential 40 BPS Discount for Affordable
- Fixed Rate +/- 3.35%
- Timely Under 60 Day Closing
We are an early on originator for agency (Fannie Mae/Freddie Mac) Small Balance programs. Bristol compares the two programs for borrower and helps determine what best fits with borrower’s goals and objectives. The SBL programs greatly simplify and accelerate loan execution and closing.
These programs are designed to be highly beneficial/simplified for borrower.
The following is requested to size an SBL Apartment Loan:
- Current Rent Roll (85% occupancy required)
- Trailing 12-Month Rent Collections
- 3 Years Historical Operating Statements (Income and Expenses)
- Current Year-to-date Operating Statement
- Description of Property – Location, Number of Units, Year Built, Amenities, etc.
- Underlying Mortgage Balance
- Loan Request