The Small Balance Loan Program (SBL) for properties with five or more residential units extends financing for purchase and refinancing of small balance loans using hybrid or fixed rate loan products. (read more...)
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Small Balance Loan Program
The Small Balance Loan Program (SBL) for properties with five or more residential units extends financing for purchases and refinancing of small balance loans using hybrid or fixed rate loan products.
Acquisition or refinance of conventional multifamily housing with 5 residential units or more, including conventional housing with tax abatements and Section 8 vouchers, and cooperatives in the five boroughs of New York City and Long Island.
$1.0 to $6.0 million (and up to $7.5 million in top markets)
5-, 7-, or 10-year fixed-rate loan 20-year hybrid ARM with initial 5-, 7-, or 10-year fixed-rate period
Amortization up to 30 years
Non-recourse and assumable loans
No underwriting floors in top markets
Declining prepayment options
60-120 day rate lock period available
Minimum FICO score of 650
Net worth equal to loan amount
Liquidity equal to nine months of payments
DEBT SERVICE COVERAGE AND LTV
Debt Coverage Ratio and Loan-To-Value see below:
Top SBL Markets
Standard SBL Markets
Small SBL Markets
Very Small SBL Markets
*Maximum 75% LTV for Acquisitions
This information is intended for professional user only. SunWest Mortgage Company, Inc. sources Small Balance Loans on behalf of Sabal TL1, LLC, an affiliate of the Sabal group of companies, an approved Freddie Mac Small Balance Loan Seller/Servicer. The information in this document is not a replacement or substitute for information found in the Freddie Mac Multifamily Seller/Servicer Guide. Terms set forth herein are subject to change without notice. For more details on the Freddie Mac Small Balance Program, visit: http://www.freddiemac.com/multifamily/product/sbl.html
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