Multifamily and Senior Apartments
Insured Loan Program
Apartment New Construction/Rehabilitation
| Loan Amount: | Minimum Loan $4,500,000 |
| Maximum Loan to Value: | 90% |
| Rate: | 6.0%-6.5% |
| Term: | 40 Years (No Balloon) |
| Amortization: | 40 |
| Transaction Costs: | Other costs-Budget |
| Recourse: | None |
| Assumable: | Yes, with one point fee |
Provides both construction and permanent financing in one loan.
(* 1) Actual gross loan amount will be based on 90% of appraised value as established by HUD. All net loan proceeds must be used to retire current debts, pay financing costs and fund reserves, in addition to all hard and soft costs.
(* 2) Note rate depends on market conditions at the time of rate lock.
(* 3) Budget costs will vary with each individual loan. Includes borrower's costs for legal, audit, survey, title, recording charges, lender's legal counsel, etc. Transaction costs are normally reimbursed out of loan proceeds. Initial setasides are funded out of loan proceeds. Borrower must make annual contributions to reserves. Borrower prepays one year's mortgage insurance at closing.
Please call or email us regarding other programs we work with regarding new construction lending for other commercial projects and industry.
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