Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
Written by Leane Eicoff| December 19, 2018
Key Benefits of the Freddie Mac Small Balance Program are as follows.
Financing of small balance loans using hybrid ARM or fixed-rate mortgage products, offering partial-term and full-term interest-only, A Streamlined processes during pricing, underwriting, closing and funding as well as Competitive pricing and Streamlined loan documents
Property types eligible are as follows:
Conventional multifamily housing with five residential units or more, including conventional housing with tax abatements and Section 8 vouchers.
Loan amounts range from $1-5MMMax LTV is 80%Term length ranges from 5-10 years.The terms are fixed that either balloon or roll over to a 20 year hybridAmortization goes up to 30 yearsThe prepayment penalty is yield maintenance, 5% declining, or 3% decliningSmall Balance loans are Non-recourseThe borrower Can rate lock up to 120 days in advance of closingAdditional loan features are as follows: The borrower can choose to have cash out, , small balance loans are assumable, replacement reserves and insurance escrow is waived, tax escrow is waived for LTVs at 65% or lower, credit score is a minimum of 650 or better, last but not least, the borrower"s net worth needs to be equal to the loan amount and their liquidity needs to be equal to 9 months of debt service payments.
For more information on Freddie Mac loans please visit our Freddie Mac Loans page.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
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