Company News: Page (1) of 1 - 09/28/12

Commercial Loan Direct (CLD Capital), Offering Student Housing Loans on Apartment Complexes Over $1MM in the 2%'s

(September 28, 2012)

Atlanta, GA (PRWEB) September 28, 2012

Commercial Loan Direct (CLD Capital) a leading national originator of commercial loans and apartment mortgages is currently offering financing for student housing projects at historical low interest rates.

Commercial Loan Direct's Dedicated Student Housing Apartment Loans provide attractive terms and competitive prices for the purchase or refinance of properties that, because of construction and location, specifically cater to a student tenant base and are not readily convertible to conventional multifamily housing.

CLD's Fannie Mae Student Housing Loan Guidelines:

Loan Amount: Over $1,000,000
Amortization: Up to 25 Years
Longer amortization may be available for higher DSC and lower LTV
Minimum DSC 1.35 for anything over 20% student tenancy for fixed rate 1.10 for adjustable rate
Maximum LTV 75%
Fixed Rate Yes
Eligible Property: Specifically cater to a student tenant base. Not readily convertible to conventional multifamily housing. Must be greater than 80% student occupied. Requires 12-month leases and parental guarantees. Food services not permitted
Enrollment Requirement: Greater than 20,000 students
Occupancy Requirement: 90%
Tax and Insurance Escrows. Monthly deposits required. May be waived if certain criteria are met
Replacement Reserves Underwritten at a minimum $250 per unit per annum. Must be funded unless unusual mitigating circumstances exist
Recourse: Non-recourse with standard exceptions for fraud and misrepresentation
Commercial Space Eligible
Required Reports: Appraisal, Property Condition Assessment

and Phase I Environmental

Prepayment: Yield maintenance or defeasance
Assumable: Yes
Subordinate Financing - Not allowed
Supplemental Loans; Eligible for secondary financing after 12 months
Pricing: Tiered Pricing Matrix. More favorable terms available for

higher DSC and lower LTV.

Rate Lock: Standard 10-day rate lock period
Application Deposit: $20,000. Covers all estimated underwriting costs (including processing fee)
Processing Fee: $3,000 non-refundable
Origination Fee: Minimum 1%
Legal / Closing Fee; Counsel Fee to be determined at application
Good Faith Deposit; 2% of loan amount

Commercial Loan Direct a division of CLD Capital is a wholesale commercial mortgage lender and apartment mortgage banker originating for its own portfolio. In addition to offering its own financial programs, CLD has partnered with institutional investors, Fannie Mae, Freddie Mac, FHA, SBA, USDA, life insurance companies, banks and real estate investment trusts to bring a wider selection of additional lending vehicles. With a focus on commercial loans over $1 million, a diversified mix of financing products, a state of the art online commercial lending platform, and a staff of experienced professionals, CLD provides a cost-efficient solution for apartment lending and commercial property financing.
View CLD's Commercial Loan Rates as of today

Read the full story at http://www.prweb.com/releases/Student-Housing-Loans/Apartment-Loans/prweb9954841.htm.

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