Multifamily - Acquisition Refinance

Multifamily Housing

223(f) Acquisition / Refinance

Our direct HUD 223(f) program provides non-recourse financing for the purchase or refinance of existing market rate, affordable, or age-restricted multifamily properties nationwide. The program can also be used to refinance conventionally constructed apartment projects as soon as the property is cash flowing!

Eligible properties can secure:

  • 35 year Fixed Rate
  • Fully Amortizing
  • Non-recourse Financing
  • Minimum 85% LTV (80% Cash-out)
  • No affordable units required, can be 100% market rate or blended
  • Can be combined with Historic Tax Credits, LIHTC, Grants, etc

All HUD loans can be assumed by investors and retain the original interest rate, making HUD an excellent option for both long term investment strategies or shorter term holds.

Market rate properties qualify for 85% LTV financing, which increases to 87% for projects with an affordable component, and 90% for projects that are subsidized. Capital improvements can be completed as part of the loan (up to ~$40,000 per unit), and reserve deposits are a mortgageable cost. Unlike HUD's 221(d)(4) construction or rehabilitation program, repairs and improvements completed under the 223(f) program do not require Davis Bacon wage rates, and typically require limited architectural and engineering work.

The 223(f) program takes about 4-6 months to complete. 

The first step in the loan process is a formal discussion with HUD called a "Concept Meeting" which is held before any third parties are secured or money is spent. This "pre-loan committee" provides comfort before moving into the formal underwriting process. We are a direct lender, not a broker or intermediary.

Please click on the HUD 223f Apartment Refinance & Acquisition Presentation PDF on the right side of the page for more information.


  • 35 Year Fixed Rate
  • Non-Recourse
  • Assumable
  • Declining Prepayment
  • 80% LTV Cash Out
  • 3-4 Month Processing Time