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BK-0910597
The 3maxExpress is a streamlined product that delivers Fannie Mae financing advantages for loans of $3 million or less. This lending product offers borrowers fixed or floating rate loans along with Venture expert handling of underwriting and closing on properties with 5 or more units. Abbreviated paperwork and processing make the execution FAST. A wider range of permitted ownership structures makes 3MaxExpress more advantageous to the borrower.
(For a Printable PDF of this program, please click here)
Eligibility DUS quality properties excluding co-ops, manufactured housing communities, seniors housing, and affordable housing
Loan Amounts $2 million minimum. $3 million maximum
Term/Amortization 5 to 30 year term. Up to 30 year amortization
Interest Rate Fixed or Adjustable
Debt service coverage ratio 1.25x minimum (fixed) 1.00x minimum (ARM)
Loan to value 80% maximum
Personal Recourse Non-recourse with standard "Carve-Outs" and Key Principals obligations
Ownership Structure Individual and cotenant borrowers are acceptable. (Single asset entity is not required)
Prepayment 1 year lockout with 1% minimum for the loan term (ARM); yield maintenance with 1% minimum or defeasance (fixed)
Origination Fee 1% / $20,000 minimum
Commitment Fee 2% (refundable)
Third Party Fees Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required
Minimum Occupancy Requirement 90% sustained for 90 consecutive days (85% acceptable for special circumstances)
Replacement reserve impounds Required - not less than $200/unit (waiver considered for special circumstances)
Taxes and Insurance Impounds Required (may be waived for low leverage transactions)
Assumability Assumable with lender approval and a 1% fee
Supplemental Mortgages Available after 1 year (up to two available, plus one more upon sale)
Venture Placement Fee 1% to 2% dependent on property