Multi-Family Loans

Leverage, Flexibility, and Speed for a Multitude of Opportunities

Our Multi-Family loan is designed for new construction, value adds, and stabilization/ bridge to perm. It covers a variety of projects up to $25 million and 250 units. Property types include multi-family, age restricted 55+, mixed use, student housing, and repositioning/conversions.

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Details

Up to 250 Units

Projects Up to $25,000,000

Minimum 1.2 DSCR

Up to 18 Month Term

65% LTV & 85% LTC

LOAN GUIDELINES

TERM
  • Up to 18 Month Term
  • Must have occupancy permit within term
  • LTV (Loan to Value)
  • 65% LTV
  •  

    PURPOSE
  • New Construction, Value Add
  • Stabilization/Bridge to Perm
  • LTC (Loan to Cost)
  • 85%
  •  

    PROPERTY TYPE
  • Market Rate
  • Multi-family
  • Age Restricted 55+,
  • Mixed-Use, Student Housing, Repositioning / Conversions
  • DSCR
  • Minimum 1.2 using 30% OPEX and 5.75% rate, 6.25% if using interest only as the take-out rate.
  • OPEX may be lowerwith fewer amenities.

     

     

    TOTAL UNITS
  • Up to 250 Units (5 Stories Maximum)
  • BORROWER EXPERIENCE
  • Proven track record with a similar scope project.
  • LOAN SIZE
  • Projects Up to $25,000,000 with a 1st/2nd Combo
  • Max loan amount 1st – $14,000,000
  • Max loan amount 2nd – $11,000,000
  • BORROWER FINANCIALS
  • 100% Acquisition Equity
  • 5% of Loan Amount Liquidity Post Closing
  • 10% of Loan Amount Liquidity for Outside of Standard Loan Underwriting
  • GENERAL REQUIREMENTS
  • All lending for investment purposes only
  • Interest calculated on drawn balance
  • Construction draws based on inspection report
  • No rural properties
  • 1st Lien Position at all times
  • BORROWER REQUIREMENTS
  • FICO Minimum 700
  • Personal Guarantee preferred
  • Limited Guarantee considered with a 50bps fee paid at closing (may not be rolled into the
  • loan balance).

  • Take-out letter must be provided.
  • Continue down to Documentation Requirements

    DOCUMENTATION REQUIREMENTS

    Getting Started

    BORROWER / GUARANTOR

  • Signed Estimated Loan Terms
  • Completed Loan Application
  • Borrower/Builder/Guarantor Resume
  •  

     

     

     

     

    PROJECT

  • Purchase and Sale Agreement w/ All Addendums (if Purchase)
  • Construction Site Plan, Elevation Drawings, Floor Plans)
  • (including dimensions and plat map (if necessary)

  • Preferred Title Insurance Company & Contact
  • Preferred Insurance Company & Contact
  • Breakdown of Costs Already Paid into Project
  • Builder Resume (if different from Borrower/Guarantor Resume)
  • Description of Permit Status
  • Getting Funded

    BORROWER / GUARANTOR

  • Most Recent Two Months Bank Statements (Borrower & Guarantors)
  • Most Recent Two Years Tax Returns (Borrower & Guarantors)
  • Borrower Entity Documents and Appropriate Business Licenses:
  • – Legal Filing Documents

    – Operating Agreement & Certificate of Formation (LLC)

    – Articles of Incorporation & Bylaws (Corporation)

    PROJECT

  • Builder Material Specs
  • Project Budgets on Builders Capital Budget Template
  • Completed Construction Agreement (if using a 3rd Party Builder)
  •  

     

     

    *The list above shows Borrower provided documentation. All third-party order outs still apply, including standard appraisals, title and 3rd party project reviews.

    **Non rural markets only. | Effective Date: 8/2/2022 – Product Guidelines are subject to change at any time.

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    Overall Lending

    $6.0 Billion

    Active Loans

    $3.5 Billion

    New Capital Available

    $700 Million