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Multifamily Mortgage Divisions
Commercial Financing Lender
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Multifamily Refinance - Direct Money LendersWe offer hard money, bridge financing for multifamily apartment housing communities. In addition, we have low fixed & ARM multifamily rates for permanent portfolio financing such as Fannie Mae, Freddie Mac, HUD, FHA, student housing, senior housing, manuractured housing communites, and assisted living facilities located in average to above-average locations Nationwide. Pricing for multifamily complexes depend on a variety of factors including strength of sponsor, current DSCR, available historical income documentation, current occupancy levels, class of the apartment, type of housing, LTV, & location. As you can see, we have a wide range of multifamily financing solutions available. If you have any questions on where you think you or your apartment may qualify, please contact our office for futher details. One of our specialist are available today. - 317-663-3153. Hard Money Multifamily LenderUnderwritten and approved "in house" our specialist
are eagar to learn your situation. Hard money multifamily apartment
loans are avaialble for 2012. Purchase, refinance, cash out
is possible for quality properties and borrowers. Direct Money
Lenders is actively funding hard money bridge loans Nationwide
with loan amounts ranging from $100,000 - $20,000,000+ Conduit Multifamily LenderIt's back! - Conduit lending is about like
it was in the early 2000's - There are clear signs of a more
normalized market with LTV's hitting 85% for multifamily conduit
loans. Hospitality and Mobile Home Park Conduit loans are also
being considered once again. Interest only is avilable for low
LTV - Pricing is extremely aggressive given there only a few
able to offer a conduit product today for non-recouse transactions.
Loan amounts $5,000,000 and up.
Multifamily Loans - Micro Balance$50,000 - $500,000 - Providing capital in the often times,
overlooked/ignored micro balance multifamily mortgages. Fixed
rate or adjustable options - Flexible underwriting guidelines,
performing and slightly underperforming multifamily properties
Nationwide.
Multifamily Mortgage - Small Balance$500,000 - $5,000,000 - Attractive multifamily mortgage
rates with reasonable underwriting. Highest LTV's for apartment refinance,
purchase, cash out solutions from the use of our dozen or so reliable
capital partners. Direct Money Lenders provides intelligent executions
from portfolio multifamily lenders, Fannie Mae, HUD, FHA, Life Insurance,
& Credit Unions. Multifamily Financing - Large Balance$5,000,000 & up - Serious money for serious multifamily apartment properties/investors including high equity leverage bridge, Tax Credits, Construction, Conduit, LIHTC, Bond Credits, & Life Insurance quotes.
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Multifamily Apartment Lenders:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Today there are only a few options for multifamily refinance options that lenders offer. There are only a few options that are currently experiencing the most demand in today's market. Understanding which lender to represent your multifamily loan request is critical to a successful closing. Direct Money Lenders offers competitive bridge loans for multifamily refinances as well as longer term Fannie Mae, FHA, conduit, or portfolio programs Nationwide.
Conduit Lender
The conduit or CMBS multifamily lenders that dominated the market
just a few years ago are for the most part gone. These lenders are
dependent on a healthy secondary market, which has all but crumbled
during the financial crash of 2008 - 2009. There are signs of this
market returning to more realistic underwriting practices. Please
visit our conduit center for additional information regarding this
product.
Conventional Multifamily Refinance
Conventional portfolio lenders for apartment buildings are going through
the same some tough times as the conduit or intuitions are as well,
however, there still are some local and national banks that are still
able to stay liquid enough to do multifamily refinance loans with
decent terms. The biggest problem is that most investors or property
owners are not able to determine which banks are still strong, liquid
and able are actually closing loans. Mortgage rates, terms, and amortizations
range widely from one lender to the next, mostly depending on the
strength of their balance sheet, knowledge of the market, and appetite
for new loans.
Government Backed Multifamily Lenders - Fannie Mae - FHA - HUD
Fannie Mae multifamily loans that are set up with the government backed
programs are very much still alive and viable. In fact, this method
of financing it is one of the more preferred way of getting qualified
apartment deals at the customary terms. Loan to Values approaching
80% to 90% financing on multifamily refinancing and 75% -80% loan
to value on refinance are still available. Debt coverage ratios are
very aggressive at 1.17. 30 year fixed rates and even a 35 year fixed
rate at historical lows are still an option...Very competitive multifamily
apartment mortgage rates.
Government programs have taken some criticism over the years due to length of time to close, and high front end expenses for third party expenses and inspections however, if your plan is to keep the property long term, there is quite frankly no better option available. The agencies have done a lot to improve their system though, and it is common to get multifamily loans closed in a more typical time frame of 60 days, though 120 days is still a reality with some programs (depending on which agency).
The expense is still a valid concern, for example on a FHA 223 or
HUD apartment loans the borrower can expect to pay Uncle Sam APR 3%
of the loan amount out of the proceeds of the loan. However when compared
to the borrowers other real options, which at the moment are very
slim (to nonexistent), it doesn't look that bad. Also, the long term
fixed rates make it easier to swallow as the borrower will never have
to face a balloon or having their rate adjust to such a high levels
that it puts them underwater from a DSCR perspective.
Don't take our word for it...
"I was able to cash out a corporate owned, 150 Acre parcel of improved land located in Florida at 65% LTV with NO prepayment penalty!! I am now able to fund other construction projects/land investments/Hotel loans in California at 90% LTV. Thank you for the cash flow!!
Keith Turner, Las Vegas, Nevada
"Direct Money Lenders closes hard money commercial apartment
bridge loans more expensive that a bank but, cheaper than a partner!!"
My Utah based hotel and North Carolina multi-family refinance
went better than expected.
Scott Owens, Phoenix, Arizona
"The loan officers at Direct Money Lenders are very HONEST, Knowledgeable, and hard working."
Shelia Evert, Carmel, Indiana
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