List Of All Programs
The following description is a summary of a core lending program offered by Eastern Mortgage Capital. We encourage you to contact us today for specific information and for a more thorough explanation of EMC’s lending services.
Please note that these descriptions are limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
221(d)4 Multifamily Apartments – New Construction /Substantial Rehabilitation
- 85.0% Loan-to-Cost (Higher for affordable and/or rent subsidized projects)
- Future Value NOT PROJECTED OR UTILIZED
- 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 10-Year Treasury Yield
- Builders & Sponsor Profit and Risk of 10% of allowable costs may be utilized as credit to equity requirements
- Non-recourse, including construction period
- Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
- This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity.
- 1.1765 Minimum Debt Service Coverage (Lower for affordable and/or rent subsidized projects)
- This loan is always assumable
- Third-party expenses and loan costs are financeable.
223(f) Multifamily Apartments – Acquisition/Refinance
ACQUISITION: Lesser of 85.0% Loan-to-Value or 85.0% Loan-to-Acquisition-Cost, Seller Promissory note of 7.50% Loan-to-Value allowed. (Higher LTV and LTC available for affordable and/or rent subsidized projects)
REFINANCE: Up to 85.0% Loan-to-Value ((Higher LTV available for affordable and/or rent subsidized projects), 80% with cash-out
- Up to 35- Year Amortization
- Up to 35- Year Term (no balloon)
- No maximum loan amount
- Low, fixed interest rate, based on market spreads over 10-Year Treasury Yield
- Non-recourse
- Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
- This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity
- 1.1765 Minimum Debt Service Coverage (Lower for affordable and/or rent subsidized projects)
- This loan is always assumable
- Third-party expenses and loan costs are financeable
- Moderate Rehab allowed
223(A)7 Refinance of Existing FHA Insured Mortgage – EXPEDITED PROCESSING
- Utilize to lower interest rate of mortgages currently insured with FHA
- NO CASH OUT ALLOWED. Can finance loan costs, repairs/reserves to the extent the new
mortgage balance does not eclipse original mortgage balance - If required for feasibility, may increase term/amortization by 12 years (constrained by original mortgage term/amortization)
- No appraisal required
- Streamlined underwriting significantly reduces transaction costs
- Modifies existing mortgage note
- Low, fixed interest rate, based on market spreads over 10-Year Treasury Yield
- Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
- 1.11 Minimum Debt Service Coverage
- This loan is always assumable
232 Skilled Nursing/Assisted Living – New Construction/Substantial Rehabilitation
- Up to 90% Loan-to-Cost (95% for Non-Profit Sponsor)
- 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 10–Year Treasury Yield
- Non-recourse, with no standard conduit carve-outs, including construction period
- Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
- This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity
- 1.11 Minimum Debt Service Coverage (1.05 Minimum Debt Service Coverage for Non-Profit Sponsor)
- This loan is always assumable
- Third-party expenses and loan costs are financeable
232/223(f) Skilled Nursing/Assisted Living Acquisition/Refinance
- 85% Loan-to-Value (No CASH OUT ALLOWED – SEE BRIDGE PROGRAM FOR CASH OUT) Seller Promissory note of 7.50% Loan-to-Value allowed
- Up to 35- Year Amortization
- Up to 35- Year Term (no balloon)
- No maximum loan amount
- Low, fixed interest rate, based on market spreads over 10–Year Treasury Yield
- Non-recourse, with no standard conduit carve-outs
- Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
- This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity
- 1.17 Minimum Debt Service Coverage
- This loan is always assumable
- Third-party expenses and loan costs are financeable
- 90% Loan-to-Value (Band of Investment utilized for setting value)
- Debt Service Savings may be used for immediate repairs, bolstering long-term reserves, or adding to tenant services
- Expedited Appraisal Process ensures quick and accurate initial projections
- Up to 35- Year Amortization
- Up to 35- Year Term (no balloon)
- No maximum loan amount
- Low, fixed interest rate, based on market spreads over 10–Year Treasury Yield
- Non-recourse, with no standard conduit carve-outs
- Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
- 1.11 Minimum Debt Service Coverage
- Third-party expenses and loan costs are financeable