Multifamily - New Construction
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Property must remain a
rental property for at least 5 years after the loan
closing date.
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Full escrows for
property taxes and mortgage and property insurance
are funded at closing and must be maintained
throughout the life of the loan. A Replacement
Reserve account must be established at closing and
is made immediately available for replacement of
short-lived depreciable items. The account must be
maintained with monthly contributions throughout the
life of the loan. Interest earned on the account
accrues to the benefit of the property. An Operating
Deficit escrow may be required to cover operating
losses until sustaining occupancy is reached and,
when required, must be funded by mortgagor with cash
or a letter of credit.
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This is a non-recourse
loan. Mortgagor assumes no personal liability.
Long-term—up to 40 years, fully-amortizing. Low,
fixed interest rates. Loan-to-cost ratio up to 90%
for a for-profit enterprise. Most affirmative and
negative loan covenants typically found in
conventional loan agreements are eliminated.
Converts to permanent financing upon completion at
no extra cost.
No
low-income tenancy requirements. Fully
assumable. Can be used as a credit enhancement for
tax exempt bonds. Debt service coverage ratio of
110%.
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| Terms: |
| 90% Loan-to-Cost
Interest-only construction loan that automatically converts to
40-year permanent financing
40 Year Amortization
40 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield
“Developer’s Fee” of 10% of
cost allowed to be used towards equity requirement
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:10 Minimum Debt Service
Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable.
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
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Multifamily
- Acquisition Financing
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Eligibility: |
• Property
must be at least 3 yrs old.
• Mortgagor entity may be either for-profit or
not-for-profit.
• Property must not be in need of substantial
rehabilitation. Minor rehab-ilitation, including
specific capital improvements, modernization, utility
conversion or other value enhance-ment repairs, is
allowed and included in the property valuation. |
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Critical repairs
must be completed prior to closing.
Non-critical repairs must be completed
within 12 months of closing. Property must
remain a rental property for at least 5
years after the loan closing date. Audited
project financial statements must be filed
annually with Centennial.
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Full escrows for
property taxes, mortgage insurance and any
special assessments are funded at closing
and must be maintained throughout the life
of the loan. A Replacement Reserve account
must be established at closing and is made
immediately available for replacement of
short-lived depreciable items. The account
must be maintained with monthly
contributions throughout the life of the
loan. Interest earned on the account accrues
to the benefit of the property. If the loan
includes repairs or capital improvements to
be completed after closing, an additional
20% repair escrow must be funded with cash
or a letter of credit.
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This is a
non-recourse loan. Mortgagor assumes no
personal liability. Long-term—up to 35-years
and self-amortizing. Low, fixed interest
rates. Loan-to-value ratio up to 85%. Most
affirmative and negative loan covenants
typically found in conventional loan
agreements are eliminated. No low-income
tenancy requirements. Fully assumable. Debt
service coverage ratio of 117%.
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| Terms: |
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85% Loan-to-Value
35 Year Amortization
35 Year Term (no balloon)
7.5% Seller promissory note
allowed for down payment requirements
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:18 Minimum Debt Service
Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable.
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
Multifamily - Refinance
85% Loan-to-Value (80% with cash out)
35 Year Amortization
35 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield.
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:18 Minimum Debt Service
Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable.
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
Multi Family- Substantial
Rehabilitation
offers
more
favorable
terms
than
traditional
two-
step
construction and
permanent
financing.
With
this program,
there
is
only
one
clos- ing,
and
one
interest
rate
lock,
which
is
always
lower
than
traditional
bank financing. This
program
utilizes
an
interest
only
(interest
is
capitalized
into the
mortgage)
construction
loan
that
automatically
converts
to
a
40-Year
Permanent
fixed
rate
mortgage
upon
completion
of
construction.
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•
Mortgagor entity may be either for-profit or
not-for-profit.
• Rehabilitation must involve at least 15% of the
project value after completion, $6,500 per unit, or
replacement of at least 2 major building systems. |
| Terms: |
90%
Loan-to-Value
40
Year
amortization
40
Year
Term
(no
balloon)
No
maximum
loan
amount
Low,
fixed
interest
rate,
based
on
market spreads
over
the
Ten
Year
Treasury
yield.
“Developer’s
Fee”
of
10%
of
cost
allowed
to be
used
towards
equity
requirement
No
personal
liability
(non-recourse)
Negotiable
pre-payment
terms
1:10
Minimum
Debt
Service
Coverage
This
loan
is
always
assumable
Third-party
expenses
and
loan
costs
are
financeable.
Apply Here
Skilled Nursing Homes /Assisted Living Facility - New
Construction
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Eligibility: |
• Mortgagor
entity may be either for-profit or
not-for-profit. Board and care facilities:
• Must have at least one full private bath for
every four residents,
• Must have a central dining area and kitchen,
with appropriate recreational facilities, and
• Must not charge founder’s, life care or
similar fees.
Assisted living facilities:
• Residents must require at least 3 activities
of daily living,
• Must provide central dining, kitchen, lounge,
etc.,
• Must offer three (3) meals a day. |
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Subject to
Davis-Bacon requirements. Audited project
financial statements must be filed annually
with CMI. Property must remain a rental
property for at least 5 years after the loan
closing date.
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Full escrows for
property taxes and mortgage and property
insurance are funded at closing and must be
maintained throughout the life of the loan.
A Replacement Reserve account must be
established at closing and is made
immediately available for replacement of
short-lived depreciable items. The account
must be maintained with monthly
contributions throughout the life of the
loan. Interest earned on the account accrues
to the benefit of the property. An Operating
Deficit escrow may be required by HUD to
cover operating losses until sustaining
occupancy is reached and, when required,
must be funded by mortgagor with cash or a
letter of credit.
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|
This is a
non-recourse loan. Mortgagor assumes no
personal liability. Long-term—up to 40
years, fully-amortizing. Low, fixed interest
rates. Loan-to-value ratio up to 90% for a
for-profit enterprise (includes major
movable equipment). Most affirmative and
negative loan covenants typically found in
conventional loan agreements are eliminated.
Converts to permanent financing upon
completion at no extra cost. Fully
assumable. Can be used as a credit
enhancement for tax
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| Terms: |
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90% Loan-to-Cost
Interest-only construction loan
that automatically converts to 40-year permanent financing
40 Year Amortization
40 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:10 Minimum Debt Service
Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable.
Rates and Terms determined by
LTV, credit, property type and other conditions. This is limited
information and meant for general reference purposes.
Apply Here
Skilled Nursing/Assisted Living Facility - Acquisition
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Eligibility: |
• Property
must be at least 3 yrs old.
• Mortgagor entity may be either for-profit or
not-for-profit.
• Property must meet State eligibility
requirements with regard to licensing and operating
standards.
• For assisted living/board and care facilities,
independent living units may not exceed 25% of the total
number of residents.
• No founder’s fees, life care fees or similar charges
are permitted. |
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Critical repairs
must be completed prior to closing.
Non-critical repairs must be completed
within 12 months of closing. Must remain a
rental property for at least 5 years after
the loan closing date. Audited project
financial statements must be filed annually
with Centennial.
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|
|
|
Full escrows for
property taxes, mortgage insurance and any
special assessments are funded at closing
and must be maintained throughout the life
of the loan. A Replacement Reserve account
must be established at closing and is made
immediately available for replacement of
hort-lived depreciable items. The account
must be maintained with monthly
contributions throughout the life of the
loan. Interest earned on the account accrues
to the benefit of the property. If the loan
includes repairs or capital improvements to
be completed after closing, an additional
20% repair escrow must be funded with cash
or a letter of credit.
|
|
|
|
This is a
non-recourse loan. Mortgagor assumes no
personal liability. Long-term—up to 35
years, self-amortizing. Market-driven—no
low-income tenancy requirements. Fixed
interest rates. Loan- to-value ratio up to
85%. Renovations and improvements of up to
15% of value may be included in mortgage.
Fully assumable. Most negative loan
covenants typically found in conventional
loan agreements are eliminated.
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| Terms |
|
85% Loan-to-Value
35 Year Amortization
35 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:18 Minimum Debt Service
Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable.
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
Skilled Nursing/Assisted Living Facility -
Refinance
|
Eligibility: |
• Property
must be at least 3 yrs old.
• Mortgagor entity may be either for-profit or
not-for-profit.
• Property must meet State eligibility
requirements with regard to licensing and operating
standards.
• For assisted living/board and care facilities,
independent living units may not exceed 25% of the total
number of residents.
• No founder’s fees, life care fees or similar charges
are permitted. |
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Critical repairs
must be completed prior to closing.
Non-critical repairs must be completed
within 12 months of closing. Must remain a
rental property for at least 5 years after
the loan closing date. Audited project
financial statements must be filed annually
with Centennial.
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|
|
|
Full escrows for
property taxes, mortgage insurance and any
special assessments are funded at closing
and must be maintained throughout the life
of the loan. A Replacement Reserve account
must be established at closing and is made
immediately available for replacement of
hort-lived depreciable items. The account
must be maintained with monthly
contributions throughout the life of the
loan. Interest earned on the account accrues
to the benefit of the property. If the loan
includes repairs or capital improvements to
be completed after closing, an additional
20% repair escrow must be funded with cash
or a letter of credit.
|
|
|
|
This is a
non-recourse loan. Mortgagor assumes no
personal liability. Long-term—up to 35
years, self-amortizing. Market-driven—no
low-income tenancy requirements. Fixed
interest rates. Loan- to-value ratio up to
85%. Renovations and improvements of up to
15% of value may be included in mortgage.
Fully assumable. Most negative loan
covenants typically found in conventional
loan agreements are eliminated.
|
| Terms |
|
85% Loan-to-value, no cash out
35 Year amortization
35 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based
on market spreads over the Ten-Year Treasury Yield.No personal
liability (non-recourse) Negotiable pre-payment terms1:18
Minimum Debt Service Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable. Rates and Terms determined by LTV,
credit, property type and other conditions. This is limited
information and meant for general reference purposes.
Apply Here
Manufactured/Mobile Housing - Acquisition And
Rehab
Rehabilitation
must be of such an extensive nature as to affect
livability, marketability and competitive
position and that; otherwise, the park is
incapable of meeting its operating expenses and
debt service obligations.
• Subject to Davis-Bacon require-ments.
• Audited project financial statements must be
filed annually with CMI. |
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Please contact
CMI for more informaiton.
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Full escrows for
property taxes and mortgage and property
insurance are funded at closing and must be
maintained throughout the life of the loan.
A Replacement Reserve account must be
established at closing and is made
immediately available for replacement of
short-lived depreciable items. The account
must be maintained with monthly
contributions throughout the life of the
loan. Interest earned on the account accrues
to the benefit of the property. An Operating
Deficit escrow may be required by HUD to
cover operating losses until sustaining
occupancy is reached and, when required,
must be funded by mortgagor with cash or a
letter of credit.
|
|
|
|
This is a
non-recourse loan. Mortgagor assumes no
personal liability. Long-term—up to 40
years, fully-amortizing. Low, fixed interest
rates. Loan-to-cost ratio up to 90%. Most
affirmative and negative loan covenants
typically found in conventional loan
agreements are eliminated. Converts to
permanent financing upon completion at no
extra cost. No low-income tenancy
requirements. Fully assumable. Can be used
as a credit enhancement for tax exempt
bonds. Debt service coverage ratio of 111%.
|
| Terms |
|
90% Loan-to-Cost
Interest-only construction loan
that automatically converts to 40-year permanent financing
40 Year Amortization
40 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:20 Minimum Debt Service
Coverage
This loan is always assumable
Third-party expenses and loan
costs are financeable.
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
Manufactured/Mobile
Housing - Acquisition
80% Loan-to-Value
30 Year amortization
10-30 Year Term
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield.
No personal liability option
(non-recourse)
Negotiable pre-payment terms
1:20 Minimum Debt Service
Coverage
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
Manufactured/Mobile Housing - Refinance
80% Loan-to-Value
30 Year amortization
10-30 Year Term
No maximum loan amount
Low, fixed interest rate, based on market spreads over the Ten
Year Treasury Yield.
No personal liability option
(non-recourse)
Negotiable pre-payment terms
1:20 Minimum Debt Service
Coverage
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
Substantial
Rehabilitation
Insured
Loan Program
offers
more
favorable
terms
than
traditional
two-
step
construction and
permanent
financing.
With
this program,
there
is
only
one
clos- ing,
and
one
interest
rate
lock,
which
is
always
lower
than
traditional
bank financing. This
program
utilizes
an
interest
only
(interest
is
capitalized
into the
mortgage)
construction
loan
that
automatically
converts
to
a
40-Year
Permanent
fixed
rate
mortgage
upon
completion
of
construction.
90%
Loan-to-Value
40
Year
amortization
40
Year
Term
(no
balloon)
No
maximum
loan
amount
Low,
fixed
interest
rate,
based
on
market spreads
over
the
Ten
Year
Treasury
yield.
“Developer’s
Fee”
of
10%
of
cost
allowed
to be
used
towards
equity
requirement
No
personal
liability
(non-recourse)
Negotiable
pre-payment
terms
1:10
Minimum
Debt
Service
Coverage
This
loan
is
always
assumable
Third-party
expenses
and
loan
costs
are
financeable.
Apply Here
Conduit
Lending Programs
Property types: Office,
industrial, retail, flagged hospitality
75-80% Loan-to-value
20-30 Year Amortization
10-30 Year Term
No maximum loan amount
Low, fixed interest rate, based on market spreads over the Ten
Year Treasury Yield.
No personal liability
(non-recourse)
Negotiable pre-payment terms
1:25 Minimum Debt Service
Coverage
This loan is always assumable
Low, fixed closing costs
Rates and Terms determined
by LTV, credit, property type and other conditions. This is
limited information and meant for general reference purposes.
Apply Here
HUD
Section 202 Refinance
Program Summary:
Recently, HUD issued policy change H 04-21 to the Section
202
Housing Code. This major policy change allows Section 202
communities
to refinance debt at today’s low rates and use the savings
to improve facilities and enhance the living experience for
residents.
90% Loan-to-value, no cash out
35 Year amortization
35 Year Term (no balloon)
No maximum loan amount
Low, fixed interest rate, based on market spreads over the
Ten-Year Treasury Yield.
Negotiable pre-payment terms
1:18 Minimum Debt Service
Coverage
Third-party expenses and loan
costs are financeable.
Net Operating Income and
valuation may utilize Section 8 Contract rentsRates and
Terms determined by LTV, credit, property type and other
conditions. This is limited information and meant for general
reference purposes.
Apply Here
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