We offer a variety of solutions for multifamily financing, including stated income loans and 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 agency financing for properties located in average to above-average locations, nationwide.
- Blanket loans for SFR’s
- Student housing
- Senior housing
- Manufactured housing communities
- Assisted living facilities
- A – B – C class considered
Rates and pricing for multifamily complexes depend on a variety of factors, including:
- Strength of sponsor (credit/track record/etc)
- Current DSCR & occupancy
- Historical income documentation
- 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 further details. One of our specialists are available today. – 800-838-1889.
- No Tax Returns Required
- No 4506T
- No W2 Income Necessary
Senior Housing – Stated Income – Assisted Living Mortgages
Rental residential healthcare properties. – Acquisition and refinancing of existing (> 3 yr) established senior housing – Up to 75% of the fair market value – New construction is starting to rise, however, and underwriting and approvals can be difficult, depending on the sponsor and location.
Student Housing Loans – Stated Income Mortgage
Available for medium to large universities, nationwide, with emphasis on the underlying demographics of the universities’ local market. Portfolio, Fannie Mae, FHA, and HUD available with loans ranging from $100,000 to $3,000,000.
There are only a few multifamily refinance options that are available in today’s market and we pride ourselves on being a leader in the industry with best of breed lending products to empower the professional real estate investor.
Understanding which lender to represent your multifamily loan request is KEY, when expecting 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.
Stated Income Property Lender
Stated Income Lenders (Commercial Mortgage Backed Security) multifamily lenders that were around several years ago are, for the most part, gone.
CMBS lenders are greatly dependent on a secondary marketplace that is actively trading these securities. Most of the conduit market took a massive hit during the financial crash of 2008 – 2009.
We are proud to be back entering the market with a best of breed stated income mortgage with realistic and responsible underwriting practices that base the decision on the properties ability to support the loan.
Please visit our commercial loan for stated investor section for additional information regarding this product.
Conventional Multifamily Refinance
Conventional portfolio lenders for multifamily apartment buildings are going through the same re-discovery times as the conduit or intuitions. However, there are some local and national banks that are still able to stay liquid enough to be interested in multifamily refinance loans with acceptable terms. The biggest problem is that most investors or property owners are not able to determine which banks are still lending, liquid and able to actually close loans. Mortgage rates, terms, and amortizations can change from one lender to the next, mostly depending on the strength of their operational sheet, knowledge of the local market, and willingness to accept new loans applications.
Government Backed Multifamily Lenders – Fannie Mae – FHA – HUD
By far, the best program out there today!!! – Fannie Mae multifamily loans that synced with the Uncle Sam 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% -85% ltv’s on refinancing are very much still available. DSCR or (Debt Service Coverage Ratios) can be very aggressive and year fixed rates are 30 or 35-year, fixed. FHA and HUD loans are the most competitive multifamily apartment mortgage rates available today.
Government programs have taken heavy criticism, historically, and in more recent times, due to the long time to close and high front-end, third party expenses and inspections. However, if your plan is to keep the property long-term, there is no better option available. The various agencies have gone through a re-tooling in recent times to improve the system. It is common to get multifamily loans closed in a 60-day time frame, although it is always good to plan for 90 days.
The expenses involved in a FHA 223f or HUD apartment loan can be great. A principal can expect up to a $20,000 and up front cost (after detailed Loan Terms sheet is issued) and up to 3% of the loan amount to be paid upon closing. However, there is simply no other non-recourse, long-term, loan out there in today’s lending climate.