Small Loans
Bulls Capital
Partners use of Fannie Mae’s 3MaxExpressTM product
offers flexible loan terms and streamlined processing for
loans of up to $3 million (up to $5 million in certain MSAs).
Click here to download a
printable version of our Small Loans Products sheet.
Benefits
of 3MaxExpress
|
Borrowers
want: |
3MaxExpress
delivers: |
|
Flexible
terms for small loans |
Choose
fixed-rate or ARM, balloon or fully amortizing loans, with
wide choice of terms and prepayment options, including
Yield Maintenance, Defeasance and Graduated Prepayment
Premiums. |
|
Streamlined
processing and underwriting |
Bulls Capital
Partners has delegated authority to underwrite 3MaxExpress
loans. Streamlined third party reports and data shorten
loan processing time. |
|
Low cost
execution |
The
streamlined process reduces transaction costs and may
allow financing of some of these costs. |
|
Competitive
pricing |
With both
cash and securitization (MBS) executions available, Bulls
Capital Partners can offer competitive pricing in every
market, every day. |
Eligible
Properties
3MaxExpress can be used for the acquisition or refinance of
multifamily properties (minimum of 5 units). Ineligible
properties include Multifamily Affordable Housing,
Manufactured Housing Communities, properties requiring
substantial rehabilitation and Seniors Housing.
Eligible
Borrowers
Any creditworthy U.S. borrower or U.S. citizen.
Loan Amount
Loans may be for any amount up to $3 million, or up to $5
million in these nine Metropolitan Statistical Areas (“MSAs”):
Boston, New York, Washington (DC), Miami, Chicago, Los
Angeles, Orange County (CA), San Diego, San Francisco.
Loan Term
Terms ranging from 5 to 30 years are available.
Amortization
Up to 30 years.
Maximum LTV
80%
Minimum DSCR
1.25x
Recourse
Requirements
Recourse is required for loans less than or equal to $1.5
million. Non-recourse execution is available for loans greater
than $1.5 million. Standard carve-outs to non-recourse for
“bad acts” such as fraud are required.
Property
Stabilization
Properties must be stabilized with 90% occupancy for 90 days
prior to funding.
Minimum Vacancy
and Collection Loss
For properties with 5 to 10 units, greater of market, actual,
or 10%. For properties with 11 or more units, greater of
market, actual, or 5%.
Escrows
Replacement reserve, tax and insurance escrows are typically
required for higher leverage transactions.
Third-party
Reports
Short form appraisal and streamlined physical, environmental
and seismic risk assessment reports are required.
Executions
Available
Cash and MBS
Accrual Basis
Actual/360 or 30/360
Rate Lock
30- to 90-day commitments are available. Extended Rate Lock
feature is also available, allowing the borrower to lock a
rate 45 to 365 days in advance of closing.
Assumption
3MaxExpress loans are typically assumable, subject to Bulls
Capital Partners’ review and approval of the new borrower’s
financial capacity.
Prepayment
Provisions
Borrowers have three prepayment premium options: Yield
Maintenance, Defeasance, and Graduated Prepayment Premium
(example: 5-4-3-2-1 on 5 year term).
Contact
To learn more about the
3MaxExpress product, borrowers should contact
Herman Bulls,
CEO, or
Mark Van Kirk,
CFO, at Bulls Capital Partners at
(703)848-8001.
