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Multi Family Loans

Multi Family Loans

With a designated multifamily team that specializes in structuring and closing bridge transactions, Countrywide Funding Multifamily prides itself on the ability to execute consistently with a transparent and trustworthy process. We strive to be a true debt partner, focused on providing the entire spectrum of multifamily investors with a consistent capital source. With Countrywide Funding Multifamily, investors can focus on finding properties and executing investment strategies, rather than spending time searching for bridge financing options.

1 YEAR

80% LTC

PRE-PAYMENT PENALTY:
NO MINIMUM INTEREST

2 YEAR

80% LTC

PRE-PAYMENT PENALTY:
8 MONTHS MINIMUM INTEREST

3 YEAR

80% LTC

PRE-PAYMENT PENALTY:
12 MONTHS MINIMUM INTEREST
ELIGIBLE LOCATIONS MSA’s within the U.S. and current markets approved by CIVIC
PROPERTY TYPES Multifamily 5-100 Units
LOAN AMOUNT $500k to $10MM
LOAN TERM 1, 2 and 3 Year Loans
AMORTIZATION Interest Only
LTC/LTV Up to 80% Loan to Cost and maximum 75% LTV of stabilized value
DSCR Stabilized Minimum 1.20x DSCR underwritten cash flow using prevailing rates at market rents
PROCESSING FEE & EXPENSE DEPOSIT $5,000 Third Party Deposit Fee to cover actual 3rd party report cost (appraisal, PCA, environmental, seismic, and site visit, if applicable)
RESERVES Extensive Rehab Loans/No Rehab Advance: 6 months interest + 100% of rehab budget Extensive Rehab Loans/Rehab Advance: 6 months interest + 20% of rehab budget
SPONSOR/BORROWER Creditworthy individual(s) or entity acceptable to Lender with sufficient liquidity and net worth
BORROWING ENTITY LLC, Corp, Trusts – SPE (single purpose LLC) may be required on some loans
RECOURSE Non-recourse, with the exception of industry standard “bad boy” carve outs
ASSUMABLE No
PREPAYMENT 1yr loans: No Minimum Interest 2yr loans: 8 months Minimum Interest 3yr loans: 12 months Minimum Interest

GUIDELINES

  • 5-100 Units
  • $500k – $10MM Loan Amount
  • Max 80% LTCs
  • Non – resources
  • Quick closings 5-20 days
  • Risk adjusted fixed rate pricing
  • Pro forma underwriting