Multifamily Commercial Property Loans
Long-term Financing for Multifamily Properties
Looking for long-term financing for a multifamily property? Whether you are an established property owner or new to the multifamily investment world, Speritas Capital partners can help you access a wide range of options including cash out refinancing.
Multifamily is generally defined as properties with 5+ residential units. Property types include apartment buildings, apartment complexes, some mixed use, nursing homes, assisted living facilities and others.
Our focus is on multifamily loans from $500,000 and up to $50 million. On the smaller side, we have access to private commercial mortgage lenders. For loans over $1 million, we can arrange Freddie Mac, Fannie Mae and FHA loan programs. Commercial mortgage-backed securities are also an option for multifamily financing.
In most cases, you can expect 20-30 year loans with 20-40 year amortization schedules. Fixed, floating and hybrid rate options are available. Some agency programs go up to 80% LTV in major markets.
Taking cash out is just one reason to refinance. You may also want to do a rate or term refinancing, with or without taking cash out. Current rates and maturities could be better than your current refinancing.
Extending your maturity at a lower rate could lead to substantially lower monthly debt payments.
Many lenders do not place any restrictions on the cash you take out. You could invest the money, use it to address deferred maintenance, buy another property or cover property, personal or business expenses.
Bridge loans arranged by Speritas Capital typically feature:
- Loan sizes from $500,000 to $50,000,000
- Maturities from 1 to 3 years
- Up to 85% of the total cost of acquisition, depending on property type
- Up to 100% of renovation cost, depending on property type
- Interest only
- Minimal no prepayment penalties (usually 3-month minimum interest)
- Non-recourse and partial recourse available
- Mezzanine debt can be arranged for certain situations
- Property types: Multifamily plus mixed use, office, industrial, self-storage, retail centers, hospitality, apartment complexes, warehouses, shopping malls, undeveloped land
Long-term loans arranged by Speritas Capital typically feature:
- Loan sizes from $500,000 and up
- Used for acquisition, refinancing and cash out
- Freddie Mac, Fannie Mae, FHA and CMBS non-recourse programs
- Private mortgages available based on property value and borrower credit
- Adjustable rate and fixed rates, rate locks available
- Debt service coverages ratios from 1.1-1.4x, market dependent
- Up to 80% LTV
- 10-40 year maturities and amortizations
- Multiple prepayment options
- Bridge to permanent loans available for properties requiring rehab
You may be in research mode and unsure about the best financing options for your project. We can help you think through your options and package the required information (property, cash flow, credit, project costs) in a way that optimizes your chances of approval. And we never take up-front fees.
You need a strategic, cost effective solution to your financing needs and a financing advisor you can trust. Let us put our decades of banking and structuring experience to work for you – contact Speritas Capital Partners about multifamily property financing today.