• multifamily
• seniorliving
• skilled nursing
• other commercial

List Of All Programs

The following description is a summary of a core lending program offered by Eastern Mortgage Capital. We encourage you to contact us today for specific information and for a more thorough explanation of EMC's lending services.

221(d)4/221(d)3 Multifamily Apartments - New Construction /Substantial Rehabilitation

• 83.3% Loan-to-Cost (Higher for affordable and/or rent subsidized projects)
• Future Value NOT PROJECTED OR UTILIZED
• Interest-only construction loan that automatically converts to 40-year permanent financing
• 40 Year Amortization
• 40 Year Term (no balloon)
• No maximum loan amount
• Low, fixed interest rate, based on market spreads over 10-Year Treasury Yield
• Builders & Sponsor Profit and Risk of 10% of allowable costs may be utilized as credit to equity requirements
• Non-recourse, with no standard conduit carve-outs, including construction period
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity.
• 1.20 Minimum Debt Service Coverage (Lower for affordable and/or rent subsidized projects)
• This loan is always assumable
• Third-party expenses and loan costs are financeable.

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

223(f) Multifamily Apartments – Acquisition/Refinance

ACQUISITION: Lesser of 83.3% Loan-to-Value or 83.3% Loan-to-Acquisition-Cost, Seller Promissory note of 7.50% Loan-to-Value allowed. (Higher LTV and LTC available for affordable and/or rent subsidized projects)

REFINANCE: Up to 83.3% Loan-to-Value ((Higher LTV available for affordable and/or rent subsidized projects), 80% with cash-out

• Up to 35- Year Amortization
• Up to 35- Year Term (no balloon)
• No maximum loan amount
• Low, fixed interest rate, based on market spreads over 10-Year Treasury Yield
• Non-recourse, with no standard conduit carve-outs
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity
• 1.20 Minimum Debt Service Coverage (Lower for affordable and/or rent subsidized projects)
• This loan is always assumable
• Third-party expenses and loan costs are financeable
• Moderate Rehab allowed

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

223(A)7 Refinance of Existing FHA Insured Mortgage – EXPEDITED PROCESSING

• Utilize to lower interest rate of currently insured mortgages
• NO CASH OUT ALLOWED. Can finance loan costs, repairs/reserves to the extent the new
  mortgage balance does not eclipse original mortgage balance
• If required for feasibility, may increase term/amortization by 12 years (constrained by original mortgage term/amortization)
• No appraisal required
• Streamlined underwriting significantly reduces transaction costs
• Modifies existing mortgage note
• Low, fixed interest rate, based on market spreads over 10-Year Treasury Yield
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• 1.11 Minimum Debt Service Coverage
• This loan is always assumable

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

232 Skilled Nursing/Assisted Living - New Construction/Substantial Rehabilitation

• Up to 90% Loan-to-Cost (95% for Non-Profit Sponsor)
• Interest-only construction loan that automatically converts to 40-year permanent financing
• 40 Year Amortization
• 40 Year Term (no balloon)
• No maximum loan amount
• Low, fixed interest rate, based on market spreads 10--Year Treasury Yield
• Non-recourse, with no standard conduit carve-outs, including construction period
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity
• 1.11 Minimum Debt Service Coverage (1.05 Minimum Debt Service Coverage for Non-Profit Sponsor)
• This loan is always assumable
• Third-party expenses and loan costs are financeable

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

232/223(f) Skilled Nursing/Assisted Living Acquisition/Refinance

• 85% Loan-to-Value (No CASH OUT ALLOWED – SEE BRIDGE PROGRAM FOR CASH OUT) Seller Promissory note of 7.50% Loan-to-Value allowed
• Up to 35- Year Amortization
• Up to 35- Year Term (no balloon)
• No maximum loan amount
• Low, fixed interest rate, based on market spreads over 10--Year Treasury Yield
• Non-recourse, with no standard conduit carve-outs
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• This is a conventional mortgage, FHA does not limit rents, tenant income, or return on equity
• 1.17 Minimum Debt Service Coverage
• This loan is always assumable
• Third-party expenses and loan costs are financeable

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

Existing 202 - Refinance

• 90% Loan-to-Value (Band of Investment utilized for setting value)
• Debt Service Savings may be used for immediate repairs, bolstering long-term reserves, or adding to tenant services
• Expedited Appraisal Process ensures quick and accurate initial projections
• Up to 35- Year Amortization
• Up to 35- Year Term (no balloon)
• No maximum loan amount
• Low, fixed interest rate, based on market spreads over 10--Year Treasury Yield
• Non-recourse, with no standard conduit carve-outs
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• 1.11 Minimum Debt Service Coverage
• Third-party expenses and loan costs are financeable

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

207(m) Manufactured/Mobile Housing - New Construction/Substantial Rehabilitation

• 90% Loan-to-Cost
• Interest-only construction loan that automatically converts to 40-year permanent financing
• 40 Year Amortization
• 40 Year Term (no balloon)
• No maximum loan amount
• Low, fixed interest rate, based on market spreads over 10--Year Treasury Yield
• Non-recourse, with no standard conduit carve-outs
• Flexible and negotiable pre-payment terms. NEVER defeasance or yield maintenance
• 1.11 Minimum Debt Service Coverage
• This loan is always assumable
• Third-party expenses and loan costs are financeable

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.

BRIDGE
EMC has the ability to provide short-term bridge financing in conjunction with an EMC construction, rehab or skilled nursing/assisted living permanent mortgage. Please contact an EMC representative for details.

This is limited information and meant for general reference purposes. For detailed information or a specific quote on a transaction, please contact us.