Coterminous Requirements:

1) Alliant must service any existing prior mortgages

2) No supplemental mortgage allowed during first year of the loan term of the existing prior mortgages

3) Existing prior mortgages must have at least 5 years remaining

4) First and supplemental mortgages must be cross defaulted 

5) The maximum number of supplemental liens allowed is one (1) except in connection with a sale to an unrelated new Borrower

Loan Amount:

Minimum of $1,000,000

Liability:

Non-recourse

Assumability:

With consent of Lender and payment of 1% transfer fee.

Standard Loan Term:

Maturity date must match the maturity date of the existing first mortgage (minimum term of 5 years).

Amortization:

Up to 30 years

Interest Rate:

Changes daily. Please call Alliant’s originator for today's rates.

Pricing Categories:
(Refer to Rate Sheet)

Tier Min Combined DSC Max Combined LTV

 II          1.30                  75% *

 III         1.35                  65%

 IV         1.55                  55%

*Maximum LTV is 70% for Coterminous Tier 2 Cash Out Refinances.

Prepayment:

Yield Maintenance and Alternative Defeasance. Other terms and conditions are available.

Yield Maintenance:

The yield maintenance expiration period must be exactly the same as the first mortgage.

Reserves:

Taxes and insurance. Replacement Reserve agreement associated with the supplemental mortgage will be required. Collection of Replacement Reserves will be waived for supplemental mortgage (Replacement Reserves will continue to be collected on the first mortgage).

Application Deposit:

$9,500 (Includes new appraisal, credit reports, UCC searches)

Lender's Legal Fee:

$3,100

Survey:

Not required

Origination Fee:

Greater of 1% or $20,000, payable at Closing

Commitment Fee:

2% (Refundable)

Occupancy:

Minimum of 85% for 90 continuous days