Fast Track Multifamily Bridge Loan Program
45 Day Close
Short Term Financing Solution to FHA-HUD Low Fixed Rate, 35 Year Fully Amortizing, High LTV Permanent Loan that take 6 months to close with other lenders:
- Fast close when seller won’t wait 6 months for FHA-HUD close.
- We can close the purchase bridge loan while simultaneously underwriting FHA-HUD loan.
- Financing acquisition and rehab when you find the perfect multifamily investment that needs a face-lift to justify rent increases.
- Perfect solution to rehab 90% occupied apartments that must be rehabbed a few at a time.
- Allows buyer to raise rents, create value after rehab complete then refinance with long-term FHA-HUD, Fannie Mae or Freddie Mac financing.
- Purchase and stabilize vacant or low occupancy properties
- Partner buyouts
- Quickly finance maturing loans that need permanent financing
- Apartments, mobile home parks, affordable, student & senior housing; Commercial mixed-use limited to 25%of rentable area and 20% of gross income.
- $7.5 Million to $75 Millon+
- Variable rate 1st Mortgage (spread + 30 day LIBOR)
- Interest only
- Term to 3 years
- LTV to 90% of current value & 80%stabilized value
- No exit fee if Eagle originates permanent loan
- Loan commitment fee: 0.5% to 1%
- Application fee: $15,000 nonrefundable plus $20,000 for appraisal, structural engineering, environmental reports, travel and due diligence
- Nonrecourse with bad boy carve outs
- Minimum Debt Service Coverage: minimum 1.00x at actual “interest only” rate. Loan amount sized based on rents increased to support 1.25x.
- Interest reserve may be required.
- . Cash equity required:10%-15% taxes, insurance & replacement reserves
- MAI Appraisal (plus market study if value-add); Environment Phase I & Engineering /Structural Report
Eagle is a correspondent lender with the largest FHA-HUD Commercial lender in the USA. We have deep experience with these loans
Let’s move your project forward…
Please click blue Bridge to Permanent Multifamily Loan Link for FREE PRE APPROVAL LOI within 24 business hours. With a few clicks of your mouse it TAKES LESS THAN 3 MINUTES TO GET STARTED NOW. No upfront fees, credit cards, Social Security Numbers or credit checks required.