Multifamily Stabilization and Value Add Bridge Loans (9 to 200+ Units)
Eagle is a direct wholesale private commercial lender in 44 states.
Loan purpose: finances multifamily projects which require rehab and/or improved property management/lease-up to improve their NOI (net operating income) to qualify for long-term financing
Small, medium or large cap-ex rehab budgets
Low or no cash-flow ok.
Loan amounts: $1 Million to $15 Million ($35,000 minimum as-is value per unit)
Finance purchase, refinance or cash-out (85% LTC to 70% ARV or 70% LTV if no rehab)
24-to-36-month interest only terms
Urban, suburban and rural properties
Nationwide except AK, NV, ND, SD or VT.
No upfront fees, tax returns or income verification
Close in 30-days or less
Fast in-house draws
Competitive fixed interest rates on drawn balance
Minimum interest: 50% of term interest
Origination varies
Credit 680+
Non-recourse available
Eligible property types:
- 10 to 200+ unit multifamily
- Mixed-use where no more than 40% total square footage is commercial, office or retail
- Market rate
- Section 8 HAP contracts or other forms of tenant based or property / project-based vouchers are eligible
- Condos
- Assemblages of 1-to-4-unit legal dwellings operated as a single multifamily property
- Student housing
Ineligible properties:
- Office, industrial, parking
- Raw land
- Timeshares
- Working farms and ranches
- Properties with citations or violations
- If refinance, need bank accounts with at least 60 days of transaction history to reconcile rent roll
Environmental Phase One from licensed environmental consultant
Site visit: required for loans amounts >$7.5 million; may be required from $3.5 million to $7.5 million
Inspection of 20% of leased units; >20% of vacant units, and budget review required
Eligible borrowers: Corporations, LLC’s, partnerships, fund and TIC structures; buyers must not be related to sellers
Eligible sponsors: US citizens, permanent resident aliens, foreign nationals
Appraisal by MAI certified appraiser; both “as-is” and stabilized value General opinion of tax-reassessment risk, zoning restrictions, and visual environmental concerns. Appraiser must inspect 10% of the units with a minimum of five units.
Survey not required with satisfactory title policy
No bankruptcy last 7 years
No foreclosure, short sales or deed in lieu last 4 years
Liquidity: cash-to-close; reserves for 9 months loan payments, and 15%+ of rehab budget; verified by your PFS and 2 consecutive bank statements within 60 days of loan closing
Business plan and takeout: (1) borrower must provide business plan for the property during the value-add phase and the sales or lease-up phase and refinance with a traditional lender after the rehab completed and property stabilized.
Borrower required to send lender updated rent rolls and financial statements.
Seller notes or subordinated debt not permitted
First mortgage
Must close in entity name
DSCR in place doesn’t matter; underwritten at 1.20X+ agency debt assumption in 2 or 3 years
Property financials:
- Last consecutive 24 months operating statements
- Balance sheet
- Reserve capex status
- Security deposit escrows
Flexible underwriting
Reliable execution
From initial application to loan payoff, we’re here for you.
Let’s Finance Your Next Deal!
To submit your online loan request, click the blue GET STARTED Link for PRE-APPROVAL Term Sheet within 48 business hours for qualified borrowers.
No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks required for PRE-APPROVAL.