BCN provides a variety of fixed and floating rate apartment loans from $300,000 to $25,000,000 or more.  Following is a brief overview of our apartment financing programs:

• BCN Core Program:  $300,000 to $5,000,000+
  This program is ideal for loans that fall outside of the FNMA box where there are strong mitigating factors to compensate.  Program features a 3 or 5 year Fixed Rate loan term (after fixed rate term expires, loan rolls to annual ARM at 1 yr. Libor + 3.50%).  Loans are 30 year fully amortization.  Maximum 70% LTV for Purchase or 60% for Refinance.  Minimum of 90% occupancy for 90 days and a minimum Debt Service Coverage Ratio of 1.25x.  Flexible step down prepayment penalties during the Fixed Rate term.  Loan is full recourse.
  
  
• Superior Rate Program:  $1,000,000 to $25,000,000+
  This program features a 5, 7 or 10 year Fixed Rate loan term with balloon payment.and is based on 30 year amortization.  Maximum of 75% to 80% LTV for Purchase, Rate/Term & Cash Out Refinance.  Must show 90% occupancy for prior 90 days and debt service coverage ratio of 1.20x.  Prepayment penalty is based on Yield Maintenance.  Recourse is standard.  Non-Recourse is available in selected markets with carve-outs.
  
  
• HUD/FHA Program:  $2,000,000 to $25,000,000+
  This program features highly competitive rates and is Non-Recourse.  85% LTV plus 35 year loan term & amortization for existing property refinance or acquisition.  90% LTC plus 40 year loan term & amortization for new construction or substantial rehabilitation.