Rates and programs are subject to change without notice. All loans are subject to adjustment for age and property condition, unstable historical operations, multi-layered borrowing structures, credit scores, and other exceptions to underwriting guidelines. Tax escrow/ impounds required on all programs. Excpetions for LTV below 50% sometimes available.
12.11.06 2000 MT
"E-Z Qual - Portfolio Style" Program
Information Updated 12.11.06 :: Subject to Change Without Notice
Property Types: Apartments - Mobile Home Parks - Mixed-Use (Up to 25%) Loan Amounts: $500,000 - $5,000,000 Geographic Area: Nationwide Credit: 680+ FICO (650 FICO by Exception) Program Code: MF101
Program
Rate (1)
Rate (2)
Max LTV
Purch/Refi
Fee
Term
Step Down Pre-Payment
3 Yr. ARM
6.41%
6.75%
80% / 75%
PAR
30
Yrs (1-3) 4%, 2%, 0%
5 Yr. ARM
6.30%
6.58%
80% / 75%
PAR
30
Yrs (1-5) 5%, 4%, 3%, 2%, 0%
7 Yr. ARM
6.37%
6.63%
80% / 75%
PAR
30
Yrs (1-7) 5%, 5%, 4%, 4%, 3%, 2%, 0%
10 Yr. ARM
6.41%
6.68%
80% / 75%
PAR
30
Yrs (1-9) 5%, 5%, 4%, 4%, 3%, 2%, 1%, 1%, 0%
15 Yr. ARM
6.93%
7.31%
80% / 75%
PAR
30
Yrs (1-9) 5%, 5%, 4%, 4%, 3%, 2%, 1%, 1%, 0%
Program Details
(1) Rates for Loans Over $2,000,000
(2) Rates for Loans Up to $2,000,000
No Balloon, Converts to 6 mo. ARM After Fixed Period (Index: LIBOR)
*10% Down Payment From Gift Allowed
*10% Seller-Carry-Second on Other Than Subject Property Allowed. Seller-Carry-Second Payment NOT Calculated in Debt Service Covereage Ratio
Down Payment Can Come From Home Equity or Other Loans
Seller Can Pay Buyer Closing Costs Up to 3%
NO Debt to Income or Net Worth Requirements for the Borrower
Up to 5% Deferred Maintenance Allowed
80% LTV on Purchase and Rate and Term Refinance, 75% on Cash Out Refinance
60 Day Rate Lock at Time of Application
Recourse: Full Recourse. Limited and Non-Recourse Available Depending on LTV and DCR
2 Year Seasoning on Refinance (Exceptions Available)
Upfront Fee: $4,020 for Apartments, $6,020 for Mobile Home Parks
Adjustments: Add -10 Basis Points for Loans Greater Than 75% or for Mobile Home Parks
Margin at Adjustment: 2.50%
Minimum DCR: 1.2
*May result in an increase to the interest rate
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
High LTV "85%" Program
Information Updated 12.11.06 :: Subject to Change Without Notice
*This is a "2nd Loan" used in conjunction with
the E-Z Qual Portfolio Style program to bring the max LTV to 85%* Property Types: Apartments - Mobile Home Parks Loan Amounts: $100,000 - $400,000 (2nd Loan) - PURCHASE ONLY Geographic Area: Nationwide Credit: 700+ FICO Program Code: MF85
Program
"2nd Loan"
Rate
"2nd Loan"
Max LTV
Purch/Refi
Min DCR
Purch/Refi
Term
Pre-Payment
"2nd Loan"
5 Yr. Fixed
13.15%
85% Combined
1.05 Combined
5
2 Yr. Lockout /
Yield Maintenance
7 Yr. Fixed
12.95%
85% Combined
1.05 Combined
7
2 Yr. Lockout /
Yield Maintenance
10 Yr. Fixed
12.95%
85% Combined
1.05 Combined
10
2 Yr. Lockout /
Yield Maintenance
Program Details
Up to 10% Appraised Value
Fully Amortized to Match the Term of the 1st Loan
$1,000 Administration Fee in Addition to 1st Loan Deposit for 3rd Party Reports
Origination Fee of 1% of 2nd Loan Amount
Full Recourse for Both 1st and 2nd Loan Regardless of LTV
Well Maintained Properties Required
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
"Konduit Killer" Program
Information Updated 12.11.06 :: Subject to Change Without Notice
No Balloon, Converts to 6 mo. ARM After Fixed Period (Index: LIBOR)
Interest Only Available for the 1st 3 yrs. - Add 10 bps to Rate
"B" or Better Property Quality w/ No Significant Deferred Maintenance
Strong Borrower Financials Required
Full Recourse, Non-Recourse Considered at Lower LTV
1% Rate Lock Deposit, Refundable at Closing
Assumable with Lender Approval
$3,020 Deposit Towards 3rd Party Reports
Other Costs $1,375 up to $1MM, $1,475 up to $3MM, $1,575 over $3MM for U/W, Admin and Docs
*PAR Pricing for Loans Over $1.5 mil. Loans Up to $1 mil. fee = 1%, Loans Up to $1.5 mil. fee = 0.5%
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
Small Balance 30 Year Fixed Rate Program
Information Updated 12.11.06 :: Subject to Change Without Notice
Property Types: Apartments - Mixed-Use (Up to 20%) Loan Amounts: $500,000 - $3,000,000
($5,000,000 in Select Markets, See Below) Geographic Area: Nationwide Credit: 650+ FICO Program Code: MF30
Program
Rate
Max LTV
Min DCR
Purch/Refi
Fee
Term
Pre-Payment
30 Year
7.130%
6.970%
6.810%
80%
65%
55%
1.25
1.35
1.55
*PAR
30
14.5 Yr. Yield Maintenance
15 Year
6.910%
6.750%
6.590%
80%
65%
55%
1.25
1.35
1.55
*PAR
15
14.5 Yr. Yield Maintenance
10 Year
6.910%
6.750%
6.590%
80%
65%
55%
1.25
1.35
1.55
*PAR
10
9.5 Yr. Yield Maintenance
7 Year
7.010%
6.850%
6.690%
80%
65%
55%
1.25
1.35
1.55
*PAR
7
6.5 Yr. Yield Maintenance
5 Year
7.220%
7.060%
6.900%
80%
65%
55%
1.25
1.35
1.55
*PAR
5
4.5 Yr. Yield Maintenance
Program Details
$5,000,000 Maximum Loan Amount in Miami, Boston, Los Angeles, Orange County (CA), San Diego, San Francisco
25-30 Year Amortization
$500 Due Diligence Fee
2% Commitment Fee Due Upon Acceptance of Final Commitment to Lock the Rate (Commitment Fee Refundable Upon Loan Closing)
Up-Front Fee for 3rd Party Reports:
Loans Up to $750,000: $2,500
Loans Up to $1,000,000: $3,000
Loans Up to $3,000,000: $6,000
*PAR Pricing for Loans Over $1.5 mil. Loans Up to $1 mil. fee = 1%, Loans Up to $1.5 mil. fee = 0.5%
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
Portfolio Style "Buy-Down" Program
Information Updated 12.11.06 :: Subject to Change Without Notice
Property Types: Apartments - Mixed Use (Up to 20%) Loan Amounts: $500,000 - $3,000,000
($5,000,000 in Select Major Markets) Geographic Area: Nationwide Credit: 650+ FICO Program Code: MF103
Program
Rate
Max LTV
Min DCR
Purch/Refi
Amortization
Fee
Term
Pre-Payment
5 Year
5.95%
5.88%
5.82%
80%
65%
55%
1.25*
1.35
1.55
30
*1.0%
5
4.5 Yr. Yield Maintenance
7 Year
5.873%
5.80%
5.74%
80%
65%
55%
1.25*
1.35
1.55
30
*1.0%
7
6.5 Yr. Yield Maintenance
10 Year
5.88%
5.81%
5.75%
80%
65%
55%
1.25*
1.35
1.55
30
*1.0%
10
9.5 Yr. Yield Maintenance
Program Details
Flexible Historical DSCR Requirements
Full Recourse is Standard, Exceptions Available Depending on LTV and Select Markets
2-Year Interest Only Structures Available with Pricing Adjustments
Rate Lock After Final Underwriting Approval is Standard. Advance Rate Locks Available.
25-30 Year Amortization
$3,520 Upfront Deposit Toward 3rd Party Reports
2% Commitment Fee Due Upon Acceptance of Final Commitment to Lock the Rate for 30 Days (Commitment Fee Refundable Upon Loan Closing)
Title Ordered by Lender at Borrower's Cost
1.15 DSCR Available in Select CA Markets with Rate Adjustment
1.2 DSCR Available with Fee Adjustment
*Loans Over $1,500,000 = 1% Fee
Loans Up to $1,500,000 = 1.5% Fee
Loans Up to $1,000,000 = 1.75% Fee
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
"Scratch 'n Dent" Program
Information Updated 12.11.06 :: Subject to Change Without Notice
Property Types: Apartments - Mixed-Use (Up to 40%) - Mobile Home Parks Loan Amounts: $500,000 - $5,000,000 Geographic Area: Nationwide Credit: 620+ FICO Program Code: MF105
Program
Rate (1)
Rate (2)
Max LTV
Purch/Refi
Fee
Term
Pre-Payment
6 Mo. ARM
7.375%
7.625%
80%
PAR
30
5%, 4%, 3%, 2%
3 Yr. Hybrid
7.75%
8.00%
80%
PAR
30
5%, 4%, 3%, 2%
5 Yr. Hybrid
7.875%
8.125%
80%
PAR
30
5%, 4%, 3%, 2%, 1%
Program Details
(1) Rates for loans over $2,000,000
(2) Rates for loans up to $2,000,000
Property Condition Not an Issue
Seller Financing Allowed to Reach Max LTV of 85%
Earn Out Structure Available for Low Rent Situations
Upfront Fee for 3rd Party Reports:
Loans Up to $750,000 = $2,500
Loans Up to $1,000,000 = $3,000
Loans Up to $3,000,000 = $6,000
Loans Over $3,000,000 = $3,500 + Appraisal Fee
60 Day Rate Lock Available with Following Rate Lock Fees:
Loans Up to $750,000 = $500
Loans Up to $1,000,000 = $750
Loans Up to $3,000,000 = $1,000
Loans Over $3,000,000 = $1,500
Margin at Adjustment 3.00%
Minimum DCR: 1.2
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
Interest Only Program
Information Updated 12.11.06 :: Subject to Change Without Notice
No Balloon, converts to 6 mo. ARM after fixed period (Index: LIBOR)
Interest Only During Fixed Term Only
1% Rate Lock Deposit
$3,020 Deposit Towards 3rd Party Reports
"B" or Better Property Quality with No Significant Deferred Maintenance
Strong Borrower Financials Required
Other costs $1,375 up to $1MM, $1,475 up to $3MM, $1,575 over $3MM for U/W, Admin and Doc's
Add .125 for LTV Over 75%
Margin at Adjustment 2.50%
Minimum DCR for Purchase: 1.15
Minimum DCR for Refinance: 1.20
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
Negative Cash Flow Program
Information Updated 12.11.06 :: Subject to Change Without Notice
Property Types: Apartments 5-15 Units Loan Amounts: $500,000 and Up Geographic Area: Only in Major Metro Areas (See Details Below) Credit: 680+ FICO Program Code: MFNEG
Program
Rate (1)
Rate (2)
Max LTV
Purchase Only
Fee
Term
Pre-Payment
3 Yr. Hybrid
6.825%
7.325%
75%
PAR
30
3%, 2%, 1%
5 Yr. Hybrid
6.700%
6.950%
80% / 75%
PAR
30
3%, 2%, 1%, 1%, 1%
Program Details
Available on Purchases Only
Available in the Major Metro Areas of:
South & North California, Seattle, Chicago, Minneapolis/St. Paul, Boston, New York (5 Boroughs), North New Jersey, and in Florida: Tampa, St. Pete, Miami, Dade, Broward, Palm Beach Counties
Max # of Units: 15
Max DTI: 50% Including Negative Cash Flow of Subject Property
Full Recourse
Upfront Deposit: $2,500 for 3rd Party Reports
Strong Borrower Required, Minimum 6 Months PITI Reserves Post Closing
Average and Above Properties
$2,500 Upfront Deposit for 3rd Party Reports, May Be Higher for Loans Over $3,000,000 or for Properties in Remote Areas
Minimum DSCR: 0.9
Margin at Adjustment: 2.75%
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
Non-Recourse "Cadillac" Program
Information Updated 12.11.06 :: Subject to Change Without Notice
Property Types: Apartments - Mobile Home Parks Loan Amounts: $1,000,000 and Up Geographic Area: Nationwide Credit: 660+ FICO Program Code: MFNR
Program
Rate
Max LTV
Purch/Refi
Min DCR
Purch/Refi
Fee
Term
Pre-Payment
10 Year
6.26%
80%
60%
55%
1.25
1.35
1.55
*PAR
30
9.5 Yr. Yield Maintenance
15 Year
6.33%
80%
60%
55%
1.25
1.35
1.55
*PAR
30
14.5 Yr. Yield Maintenance
30 Year
6.56%
80%
60%
55%
1.25
1.35
1.55
*PAR
30
14.5 Yr. Yield Maintenance
Program Details
Buy-Down Pre-Payment Penalty Available with Adjustment to Price
Customized Terms from 5 to 30 Years Available Including Up to 30 Year Amortization
Early Rate Lock Available After Application
80% LTV on Purchase, Rate and Term Finance, and Cash-Out Refinance
Program Provides for Supplemental Financing Up to 3 Times During Loan Term at 80% of Then-Current Value. This May Be Used to Take Out Equity or For New Buyer to Purchase the Property Assuming First and Using Supplemental to Make Up Equity.
Non-Recourse to Borrower and Key Principles
Down Payment Can Come From Cash, Loans, Partners, Limited/Silent Partners, or Investors
B- Property Quality or Better
Seller Can Pay Buyer's Closing Costs Up to 2%
No DTI Requirement for Borrower
Strong Borrowers Required
Net Worth of Borrower(s) and/or Key Principles at Least Half the Loan Amount
Minimum 6 Months Principle and Interest Reserves Post Closing
2% Rate Lock Deposit at Time of Final Commitment, Refundable at Closing
*PAR on Loan Up to $1.5 mil. +0.25% Rebate on Loans $1.51 mil. to $2 mil. and +0.5 Rebate on Loans Over $2 mil.
Loan margin, rates, and terms are based on the amount of the loan and an analysis of the specific characteristics of the property, such as its type, location, operating history, use, age, and construction, as well as the borrower's financial strength and management experience. All loans are subject to standard terms and conditions in Castle Funding, Inc. loan documents.
