Loan Amounts: $3,000,000 and up
Term: 5 to 30 years
Amortization: Up to 30 years
Mortgages typically are subject to yield maintenance followed by a 1% prepayment penalty, and then open without penalty for the 90-day period prior to maturity. Other options are available. Consult your RED Mortgage Capital, LLC banker for details.
Loan To Value Ratios:
Varies by transaction and market but typically ranges from 75-80% (90% for new LIHTC projects)
Debt Coverage Ratios:
Varies by transaction and market but typically ranges from 1.25x-1.30x (1.15x for new LIHTC projects with taxable financing and 1.20x for most existing affordable projects)
At any time after the first year of the mortgage term, if the property value and income have increased such that additional equity is trapped, Borrower may apply for a DUS Supplemental Mortgage.
Generally $20,000 (non-refundable). Includes Architectural/Engineering Report, Phase I Environmental Report, Appraisal Report, Property Inspection, and $5,000 legal deposit. All third party reports must be contracted by RED Mortgage Capital, LLC.
Fees and interest rates are quoted daily.
Single asset, single purpose entities (some exceptions permitted)
FHA Construction Loan
FHA A7 PROGRAM
FHA Refinance Loan
Freddie Mac Loan