Multi-family Financing and Apartment Building Mortgages

Smart Rate can help you get multifamily financing for your next apartment building or multifamily project  – and we can get it done with seriously competitive terms.

  • HUD multifamily mortgage loans can be financed from 80% LTV to 85% LTV. The minimum loan amount is $3,000,000. Terms are available up to 35 years and amortization up to 35 years. Rates are currently 5.5%- 6%.
  • Freddie Mac and Fannie Mae multifamily loans are currently available with terms of 5, 7, 10, and 30 years and loan to values between 75% and 80%. Rates range from 4.75% to 7% for the fixed rate.

For HUD-backed apartment building mortgages, take a look at these additional guidelines straight from HUD: “The property must contain at least 5 residential units with complete kitchens and baths and have been completed or substantially rehabilitated for at least 3 years prior to the date of the application for mortgage insurance. The program allows for non-critical repairs that must be completed within 12 months of loan closing. Projects requiring substantial rehabilitation are not acceptable under this section and may not involve the replacement of more than one major system. The remaining economic life of the project must be long enough to permit a ten-year mortgage. The mortgage term cannot exceed 35 years or 75 percent of the estimated life of the physical improvements, whichever is less.”

If you’re worried about what seems like a lot of complex requirements for a HUD backed apartment building loan, don’t worry – we’ll guide you through every step of the process with real-world advice.

Each multifamily and apartment building loan we place is underwritten or looked at differently based on the type of loan, the type of property, the credit of the borrower or borrowers, the loan amount requested, the loan amount to property value ratio, and the cash flow of the property or the business.

Smart Rate Commercial Capital provides commercial mortgage loans from $ 400,000 to $12,000,000. Higher loan amounts will be looked at on a case by case basis – and please call directly to discuss higher loan amounts.

Give us a call at (586) 298-2276 and we’ll be happy to give you a free consultation and let you know if we might be able to get your next multifamily deal done.

Smart Rate Commercial Capital provides commercial loans, mortgages and financing for commercial property owners, real estate investors, and business owners at a time when most banks and lenders are not willing to close these loans. Don’t let the credit tightening policies of most lenders and the state of the current economy stop you from closing your deal!

We look forward to helping you with your commercial capital needs. Complete our simple online rate quote form and a representative will call you within 24 hours to discuss your commercial financing and loan needs.

We are located in the greater Detroit, MI area and love to do loans in Michigan, but we place commercial loans all over the country as well. For a complete list of the areas we serve and can do loans in, click here.