Multi-Family Rates

 

 

Financial Highlights

Below are some of the highlights of our financing terms. This list is not all inclusive. Please call us for other terms.

*Rates, terms and conditions are also subject to change at any time without prior notice.

  • Maximum Multi-family Loan Amount: $7,000,000

  • Maximum Loan to Value Ratio: 75%

  • Prepayment Penalty: First Five Years

  • Minimum Debt Service Coverage Ratio 1.20X

  • Personal Guarantees Required

  • Checking Account and all rent security accounts required.

  • Rates can be fixed for the first 3, 5, 7 or 10 years.

  • Adjusts every five years thereafter to the NY Federal Home Loan Bank five year advance rate plus 2.50% with a floor of the initial rate. Maximum

  • Amortization/Maturity 30 years.

  • $500 Non-refundable Processing Fee

 

How to Apply

For more information and for a home loan application, visit your local branch or call (201) 862-8260 Ext. 1124.

View our Commercial and Multi-Family Loan Application

 

 

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