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Commercial Mortgage Products

Apple Bank is a conservative but active lender for its own portfolio.  We can structure a deal to fit almost any borrower's needs for completed, cash-flowing, multi-tenant assets.  We offer some of the most competitive pricing in the New York marketplace for low leverage transactions and are well known for our reliability and ease of execution.

Property Types: Most types of income-producing properties, including multi family, office, retail and hotels.  Apple Bank does not lead construction loans, but will consider participations with strong lead banks.
Locations:     New York City, Westchester County, Long Island, Northeastern New Jersey, and Connecticut.
Loan Size:     Minimum $500,000 - Maximum $80,000,000.  Larger loans will be considered subject to participation.
Maturities: 1 to 15 years.
Pricing: Indexed over Swap Rates or LIBOR.  Fixed rates can be established at application, commitment, or closing.
Amortization: 25 or 30 years required in most cases.
Deposits and Fees: Par to 1% application/commitment fee.
DSC/LTV: Minimum 1.25x DSC / Maximum 75% LTV.
Appraisal, Engineering, Environmental Reports: Required. Ordered by the Bank at borrower's expense.
Escrows and Deposits: Real estate tax, water and sewer escrows and tenant security deposits.
Prepayment Conditions: Yield maintenance or sliding scale on fixed rate deals.  Two year lock-out followed by a 1% Exit Fee on LIBOR loans.
Lines of Credit: Unsecured lines are available for cooperative and condominium corporations.  Second mortgages and mezzanine loans will also be considered.

The above noted terms are general parameters and may change from time to time. Terms will vary depending upon the merits of each individual transaction. 

 

Contacts/Name and Title Phone Number Email
Robin Thomson, Senior Vice President 212-224-6456 rthomson@apple-bank.com
Paul Marino, Vice President 212-224-6413 pmarino@apple-bank.com
Jack Costi, Vice President     212-224-6458 jcosti@apple-bank.com
Cynthia Wang, Vice President 212-224-6451 cwang@apple-bank.com
Tony Martinez, Assistant Vice President 212-224-6463 amartinez@apple-bank.com
Commercial Mortgage Fax Number 212-224-6588  
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