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.
CLICK HERE FOR PRINTABLE PDF PROGRAM SHEETS
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.
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
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
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
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
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
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
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
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
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
Existing 202 - Refinance
- 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
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
BRIDGE
EMC has the ability to provide short-term bridge financing in conjunction with an EMC refinance mortgage to facilitate the purchase of stabilized assets. Please contact an EMC representative for details.
This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.
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