Investors and property owners may face a barrier to entry in the form of a lack of liquidity when an opportunity presents itself in the multifamily real estate market. If the money needed to close the deal is invested in other properties, you may miss out on a lucrative opportunity. In order to help investors and owners finance the purchase, renovation, and repositioning of apartment buildings and other multifamily assets, SteveKnowsLoans has a staff of seasoned mortgage professionals who focus on multifamily bridge loans.
Multifamily properties that meet our criteria for bridging financing
Lenders’ minimal requirements for offering permanent financing alternatives for multifamily real estate assets may be too high. The following are examples of properties that fit this description:
- Housing for the elderly
- Low-cost dwellings
- Combination commercial/residential complexes
- Complexes of apartments
- Housing for students
- With a multifamily bridging loan, investors and others can quickly access the equity that has been built up in an existing property.
Our schedule is very malleable.
SteveKnowsLoans offers a multifamily bridge loan package with the following highlights:
- There is a $1 million minimum loan requirement and a $10 million maximum loan amount.
- Optional cash-out refinancing is provided along with funding for purchase, recapitalization, improvement, seasoning, and refinancing.
- There is a maximum loan-to-value ratio of 65% based on the value after stabilization.
- The beginning APR for a fixed rate loan is 7.99%; points may be required or optional, depending on the loan amount, the sponsor, and the type of property being financed.
- A minimum of $50,000 per door and 70% occupancy is required for properties with 5–200 units.
- Borrowers’ FICO scores need to be at least 650.
- There are both recourse guarantee and non-recourse guarantee choices.
- The repayment period of interest-only loans is typically between 12 and 24 months.
- Throughout the entirety of the application process, our exceptional staff of loan officers assists borrowers with paperwork. Settlements can be finalized in as little as 20 working days.
Make sure to get in touch with us right away.
SteveKnowsLoans is a Florida-based industry pioneer in the mortgage brokering sector. To better serve our customers, we provide a comprehensive range of mortgage options developed over many years of expertise in the business.
Call Steven Jackson at 813-616-9411 now!
