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Multifamily Refinance, Refi Cash-Out and Purchase Financing

FHA-HUD 223(f)

2.75% fixed for 35 years (rate lock when sign FHA-HUD commitment) 

Fully amortizing

$3 Million+ to $250 Million 

Apartments, multifamily, mobile home parks, affordable, student and senior housing

Commercial mixed-use space up to 25% of rentable area and 20% of gross income.


Finance 80 to 90% of purchase price

Fast Track Program closes in 45 days (not available for refinance or cash-outs) 

Refinance or Refi Cash-Out at 80% of Appraised Value

No Upfront Fees

Our fee built into interest rate

Eagle is a correspondent lender for largest FHA-Hud Commercial Lender in USA. We do more than half of all the FHA-HUD Commercial loans that close in the USA. All other lenders combined do less than half of the rest. We rank in the top 10 every year for FNMA and Freddie MAC.

No balloons


Assumable with HUD approval

No prepayment after 10 years

No tax returns  

Equivalent multifamily experience required

660+ Credit

Borrowers may take surplus cash distributions from the property’s operating account twice per year confirmed by the property’s annual audit 

Loans up to $75 Million:

Property Type Maximum
Loan to Value
Minimum Debt
Service Coverage
Loan to Cost
Max Cash-Out LTV ³
Subsidized ¹ 90% 1.11 90% 80%
Affordable ² 87% 1.15 87% 80%
Market Rate 85% 1.18 85% 80%

Loans $75 million+ (HUD may impose limits $100 Million+):

Property Type Maximum
Loan to Value
Minimum Debt Service Coverage Acquisition
Loan to Cost
Max Cash-Out LTV ³
Subsidized ¹ and Affordable ² 80% 1.25 80% 70%
Market Rate 75% 1.30 75% 70%

¹ 90%+ of units covered by project-based Section 8 contract.

² Regulatory Agreement minimum set-aside (40% of units at 60% AMI or 20% of units at 50% AMI) 

³ Refinances may include 100% of eligible costs (satisfaction of deposit to capital needs reserve, due diligence and closing costs plus funds up to cash-out LTV).

Loan up to per-unit maximum by HUD project location.

Repair and Rehab: $15,000 per unit times local cost factor (190%-270%); may not replace 50%+ of any two building systems (electrical, plumbing, mechanical, building envelope, structural).

Requires annual audit

Borrower must be a single asset, special purpose entity.

Title company/closing attorney must have FHA-HUD Commercial closing experience.

a) Taxes, insurance and mortgage insurance premium escrowed monthly;
b) Capital needs reserve maintained monthly (minimum $250/unit/year).

Replacement reserves: up to $1,000 per unit

Mortgage Insurance Premium: 1% due HUD at closing then 0.6% annually (0.25%-0.35% for affordable subsidized, 0.25% with Green certification).

HUD Fee: 0.30% of loan amount with application (reduced for Opportunity Zones).

Third Party Reports: Appraisal, Environmental and Capital Needs Assessment

Timing: Loans close in 6 months (45 days with our Fast Track Program).

No upfront fees.

Get your free Multifamily Loan PRE-APPROVAL LOI in 48 Business Hours by clicking the blue Multifamily Link. Will take you less than 4 minutes to click through. No upfront fees, Social Security Numbers, credit checks or credit cards are required.

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