Fast Track Multifamily Bridge Loan Program
45 Day Close
- Fast close when you are purchasing a multifamily property but your seller won’t wait 6 months for your 2.7% fixed, 35 year, high LTV FHA-HUD loan to close.
- Quick solution when your loan is coming due and you are waiting for a low cost FHA-HUD permanent loan
- We close bridge loans in 45+ days while simultaneously underwriting your FHA-HUD loan.
- Your FHA-HUD loan will pay off your bridge loan.
Bridge loans are also perfect solution to:
- Finance multifamily purchases and rehab a few apartments at a time. You create value by raising rents as apartments are rehabbed and pay off your bridge loan with a FHA-HUD, FNMA or Freddie MAC loan.
- Use bridge to finance purchase of vacant or low occupancy multifamily properties. When property is stabilized, your pay off your bridge loan with an FHA-HUD, FNMA or Freddie MAC loan.
- Bridge loan can quickly finance partner buyouts or maturing loans. FHA-HUD loan pays off bridge loan for perfect solution when you need to move quickly and still get best terms permanent financing.
- Apartments, mixed-use, 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+
- 75% tp 85% LTV up to 90% of amount or permanent takeout loan
- Interest only
- Streamlined loan docs
- Points: 1 to 2
- Term: up to 3 years
- Finance up to 90% of current value and 80% of stabilized value
- No exit fee if Eagle originates your FHA loan
- Loan commitment fee: 0.5% to 1% depending on loan siz
- Application fee: $15,000 per property nonrefundable processing fee plus $20,000 for appraisal, structural engineering, environmental reports, travel and due diligence
- Nonrecourse with bad boy carve outs
- Debt Service Coverage: 1.00x at actual “interest only” rate. Loan amount based on increased rents to 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 who closes more than half of all FHA-HUD Commercial Loans in the USA. We have closed over $100 Billon of these loans the past 30 years.
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.