The "Fixed Stepper"
The "Fixed Stepper" is a competitively priced interim fixed rate loan program. It is designed for borrowers, with better quality properties, that desire a more flexible fixed rate financing program than those offered by typical long term fixed rate lenders. This program provides a non-recourse loan which includes a 10 year term, an interim fixed rate, prepayment flexibility, and a lower cost, streamlined, underwriting and closing process. The program features a fixed interest rate, converting to a floating rate for the remaining seven years. The loan is prepayable at any time (no lock out provision), with a 3%, 2%, 1% prepayment fee schedule over the first three years only.
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