Purchase or Refinance
FHA 223(f) Termsheet
We are obsessed with quality and perpetual improvement. As we get to know you, our approach will be optimized and tailored toward your transactional objectives.
Loan Term
35 years
Interest Rate
Fixed rate, fully amortizing
Non-recourse
Non-recourse
Assumable
Fully assumable
Prepayment
10% year one, then declining 1% per year; and customizable
Cash Out
Cash out is permissible
Commercial Space
No commercial space greater than 25% of net rentable area
and 20% of effective gross income of the property
and 20% of effective gross income of the property
Borrower
A single asset SPE
Escrows
Escrows required for taxes, insurance, MIP and capital needs replacement reserves (minimum $250 per unit/annually)
Third Party Reports
Appraisal, Environmental Report, and Capital Needs Assessment
DSCR/LTV Requirements: For Loan Amounts $130 Million and Above
Mortgage Insurance Premium: 0.25% due at closing and annually thereafter
- At least 90% of the units covered by a project-based Section 8 contract for at least 15 years.
- Regulatory Agreement in place with minimum set-aside (e.g., 40% of units at 60% AMI, or 20 % of units at 50% AMI) in effect for at least 15 years
Connect with an Expert
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Grow with Bravo
Grow with Bravo
