When an opportunity arises in the multifamily real estate market, the challenge standing in the way of investors or property owners may be one of liquidity. An opportunity may slip away simply because the funds necessary to complete the transaction are tied up in other properties. At MortgageDepot, our team of experienced mortgage professionals specialize in multifamily bridge loans offering investors and owners a competitively priced option to fund the acquisition, rehabilitation and repositioning of apartment buildings and other multifamily properties.
Properties eligible for our multifamily bridge loans
Multifamily real estate assets may not meet minimum standards set by lenders in order to qualify for permanent financing options. Some of the properties falling into this category include the following:
- Senior housing facilities
- Affordable housing
- Mixed-use multifamily properties
- Apartment buildings
- Student housing
A multifamily bridge loan makes the equity developed in an existing property available on a short-term basis for investment and other purposes.
Our program offers flexible terms
Highlights of the multifamily bridge loans program available from MortgageDepot include the following:
- Loans available from a minimum of $1 million to a maximum of $10 million.
- Funding available for acquisition, recapitalization, upgrades, seasoning, and refinancing, including cash out refinancing options.
- Maximum loan-to-value ratios as high as 65% of stabilized value are available.
- Loans offer a fixed rate of interest starting from 7.99%,
- Points may be charged depending upon the loan, sponsor and property type.
- Properties must have five to 200 units with a per-door minimum of $50,000 and a minimum occupancy rate of 70%.
- FICO score of borrowers must be a minimum of 650.
- Non-recourse and recourse guarantee options available.
- Loans carry a term of 12 to 24 months with monthly payments of interest only.
Our outstanding team of loan officers work with borrowers to facilitate paperwork during all stages of the application process. Closings may be arranged in as little as 20 business days.
Contact us today
MortgageDepot is a leading mortgage broker company based in New York. We commit our years of experience in the mortgage industry to helping our clients by offering a wide assortment of mortgage products from which to choose.
Contact us today at (800) 220-LOAN to find out more about our loans.