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Refinance and Acquisitions of existing multifamily dwellings. Projects may be detached, semi-detached, row houses or multifamily structures. The project must be at least three years old and not have been substantially rehabilitated with the past three years.
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Low interest rate fixed for up to 35 years, flexible underwriting, moderate repairs allowed. Allow 7.5% seller financing . |
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| 40 years, fully amortizing. |
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| Assumable, subject to approval and transfer of physical assets. |
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| Five-year lockout then 5%, 4%, 3%, 2% 1% of loan amount . |
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Up to 90% for profit motivated organizations.
Up to 95% for non-profit organizations.
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| The lesser of 90% of replacement costs, debt supported by 90% of NOI at stabilized rents, or 90% of the statutory mortgage limits. |
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| Must include at least one of the following: $6,500 per unit adjusted by the local high cost factor, 15% of the post rehab appraised value, or more than one building system is being replaced (e.g. roof, ceiling, wall or floor structures, foundations, plumbing, HVAC or electrical systems.) |
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| No more than 10% of the net rentable square footage and no more than 15% of total gross receipts (20% and 30%, respectively, for projects in defined urban renewal areas). |
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| Based on current market conditions. Rate fixed upon issuance of Firm Commitment by FHA. Provides taxable or tax-exempt financing for qualified projects. |
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| Underwritten with a minimum vacancy of 7% . |
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| Up to 10% of total costs if borrower has an identity of interest general contractor. |
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Pre-application review by HUD: 45 days.
Firm commitment review by HUD: 45 days.
Shorter processing time under Multifamily Accelerated Processing (MAP).
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Include the following in your request for a loan quote:
1. Property description and location map.
2. Number of units with breakdown of proposed rents by unit type.
3. Proforma operating budget, including breakdown of other income.
4. Aquistion cost of the land.
5. Digital Photos of Property.
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