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Multi-Family Properties Need Not Be Perplexing

First National’s experts offer all the assistance you’ll need

Life as a multi-family property owner features a lot more responsibility than driving by the building once in a while and checking the mailbox for rent checks. Tenants must remain happy, especially when pipes leak or the furnace is on the fritz.

First National Loan Officer Mike Scott understands that owning a multi-family property is almost no different than running a small business. The properties are your assets and the tenants your customers. Experts like Scott know what it takes to keep your business running smoothly. That’s why First National is the first choice for financing among experienced multi-family property owners and developers.

Whether you’re looking to purchase or refinance, First National has you covered with several multi-family property loan programs. Whatever your needs, First National can tailor a loan that will certainly hit home for you and your financial plans.

Loan Options

From loans for purchase of a multi-family home to refinancing the property for equity extraction to use for improvements, First National offers a range of choices and terms tailored to meet your needs.

Alaska Housing Finance Corporation loans

Designed for acquisition and moderately rehabilitating five-unit and larger properties. First National is an approved AFHC lender and servicer.

  • AHFC offers several options with a 30-year amortization (fully amortized, 10-year balloon or 7-year balloon)
  • Property inspection is required, all health/safety and significant repair items must be corrected.
  • Properties built in 1991 or after must have been constructed to the minimum AHFC standards with all PUR’s (energy rating, construction inspections).
  • Insurance, taxes, and replacement reserves (based on the appraisal) are required to be escrowed through your loan payment.
  • If the prospective borrower does not have investment property management experience, they may be required to hire a professional manager.
  • Different rates and parameters also apply.
  • Bank-Held Loans

    First National also offers bank-held multi-family loans to provide more options for borrowers. Call Scott at 777-5622. He can get you started and help you through the process.

    Local Servicing

    Why talk to someone thousands of miles away to receive loan help when you can talk to someone right around the corner. At First National, your loan is serviced here in Alaska by Alaskans.

    Whether you're applying for a loan, negotiating terms or need help at any time during the life of the loan, the friendly, experienced Alaskans at First National deliver fast, responsible service.

    Experience Matters

    First National’s been Alaska’s reliable financial institution for more than 90 years. No other bank offers the expertise and local savvy to assist you in every step of the process.

    To get started, visit FNBAlaskaHomes.com or contact First National at777-5622/1-800-856-4FNB from communities outside Anchorage.

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    The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest you consult your attorney, accountant, financial or tax adviser with regard to your individual situation. Entire publication. For publication information, call (907) 777-3409.

     

    FIRST NATIONAL BANK ALASKA
    PO Box 100720 · Anchorage, Alaska 99510-0720
    Local Phone: 907-777-4362 · Toll Free: 1-800-856-4362
    customer.service@fnbalaska.com

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