Graco Mortgage Apartment Loan Program
Graco Mortgage Small Balance Apartment Loan Program provided competitive, low cost apartment financing for five plus individual multifamily units, mixed-use commercial properties with less than 25% of revenue generated from commercial use and mobile home park communities.
With competitive rates, a low overall cost basis, exceptional terms and a simplified streamline loan process. Graco Mortgage has become the leading small balance apartment loan program.
Graco Mortgage Apartment Loan Program Overview
* Apartment Loans from $500,000 - $50,000,000 * 90% Minimum Occupancy
* 15 and 30 year Amortizations * No Balloon or Call Provisions
* 3,5, 7, 10, 15 Year Fixed Rate Terms * Maximum LTV 80% / 85% CLTV
* No Defeasance or Yield Maintenance * Step Down Payment
* Interest Only Option * Minimum DSC of 1:20:1
* Low Lender Points * Standard 1 Fee Closing
* Limited Appraisal * 60 day rate lock
* Monthly / Annual Leases Accepted * Limited Impound Requirements
* 3% Seller Concession Allowed on Purchases * Section 8 - Subsidized Rents - OK
Purchases
* A, B and C Property Types Considered
* 10% Seller 2nd Considered on a Case by Case Basis
* Mixed Use Commercial/Residential Acceptable to 25% Commercial Use
* Small Balance Multifamily Loan Program Option Starting at $500,000
* Mobile Home Parks Eligible for Apartment Loan Program with 15+ Pads
* Property management experience is generally required for properties with 12 or more units, or property management letter and resume may be substituted.