Special Financing
North Oak Estates Luxury Condominiums
In partnership with
North Shore Bank
Presents
Special Financing For NSB Financed Condominium Projects
Information on
North Shore Bank Special Financing
Please contact Patti Akerlund at NSB 414-531-4629 or Jim (262-385-1613) or Eliesha (262-385-2375) Gatzke.
This program is necessary in order to help move condos for our developers in projects we have financed. Many developers are stretched and are having difficulty making interest payments. This will reduce our exposure if successful.
Due to PMI companies reluctance to insure condos above 90%, we will have to self-insure up to 95%. The seven year term is required to attract buyers while giving them the comfort of longer term financing.
This program will also be available to condo buyers who have a home to sell. We will offer the same terms to their buyers in order to complete both transactions. The standard PMI/MAP programs will apply for the home sales. This will offer stability to interest rates and can attract buyers during periods of interest rate volatility.
- Rate: 4.95% (rate could be lower)
- ARM type: 7/1 arm, 2/6 caps
- Index/Margin: 2.95% over 1 year CMT
- Amortization: 30 year Maximum
- Max LTV: 95%
- MAP: .65% from 80.01% to 90%
1.00% From 90.01% to 95%
- PMI: Standard programs for home sales
- Escrows: Tax escrows required and MI impounds if necessary
- Credit Score: 680 Minimum indicator score
- LO Commission: Standard commission rates apply
- Ratios: 30%/ 42%
- Bridge Financing: Not allowed
- Closing Costs: Standard costs apply
|
