Refinance and Refi Cash-Out of Multifamily & Mixed-Use Properties
Multifamily, mixed-use, mobile home parks, affordable and student housing
Nationwide
FHA-HUD 223(f)
2.4% fixed (our fee is built into this interest rate)
Term: 35 years
No balloons (fully amortizing)
$3.5 Million to $100 Million+
Refinance or cash-out 80% of appraised value
Non-recourse
Assumable
No prepayment after 10 years
Borrower requirements:
(1) On title 2+ years for similar sized multifamily project(s) in last 3 years
(2) Liquidity must equal 10% of loan amount (combined all key principals)
(3) 660+ credit
(4) No bankruptcy, foreclosure or short sales last 3 years
(5) Borrower: single asset LLC, Corporation or Partnership
(6) No tax returns required
Occupancy requirements: 6 months 85%+ average occupancy with last 3 months trending up
Student housing: (1) Must accept student and non-student tenants (2) 12 month leases, (3) leased per unit not per bed
Borrower may take surplus cash distributions from operating account twice/year
Loans to $75 Million:
| Property Type | Maximum Loan to Value |
Minimum Debt Service Coverage |
Acquisition Loan to Cost |
Max Cash-Out LTV |
| Subsidized | 90% | 1.11 | 90% | 80% |
| Affordable | 87% | 1.15 | 87% | 80% |
| Market Rate | 85% | 1.18 | 85% | 80% |
Loans $75 million+
| Property Type | Maximum Loan to Value |
Minimum Debt Service Coverage | Acquisition Loan to Cost |
Max Cash-Out LTV |
| Subsidized and Affordable | 80% | 1.25 | 80% | 70% |
| Market Rate | 75% | 1.30 | 75% | 70% |
Repair and Rehab: up to $15,000/unit times local cost factor (typically 190%-270%)
Annual audit required
Title company/closing attorney must have FHA-HUD Commercial closing experience.
Required escrows
a) Taxes, insurance and mortgage insurance premium escrowed monthly;
b) Capital needs reserve maintained monthly ($250+/unit/year).
c) 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).
3rd party reports: appraisal, environmental and capital needs assessment
Funding in 6 months (45 days with Fast Track); Fannie Mae and Freddie Mac close in 2 months)
No upfront Eagle fees. We are paid when your loan is funded at closing.
Eagle is a correspondent lender for the largest FHA-HUD Commercial Lender in the USA. We close more than half of all FHA-HUD Commercial loans and rank top 10 for Fannie Mae and Freddie Mac.
To get started, please click the blue Multifamily Link for your free PRE-APPROVAL LOI within 48 business hours. It takes less than 6 minutes to submit your online loan request. No Social Security Numbers, credit checks or credit cards are required.
