I have an unique deal in the works. Its for a total of 21 units but it consists of 4- 4 unit buildings and 1-5 unit building. They are all consecutive but have separate tax parcels.
My question is has anyone dealt with the Fannie Mae Multifamily small loan program and one step deeper the fannie mae scattered sites?
The reason I ask is because in this program it says you can get a loan ranging from $750,000.00-$5,000,000.00 non recourse ranging from 5-15 year fixed amortized over 30 years. It seems like a much better deal than conventional lending if you and the building qualify.
I have not done any multifamily investing, but I have looked into quite a bit over the past few years and I have seen some great loan programs like that to where it almost does look better than conventional financing.
I've heard some multifamily investors quote some of their terms on various podcasts and I would have to say that there are programs out there with some tremendous terms and I believe fannie mae is one.
What I think I have also heard is that there are a lot more hoops to go through to get those loans. But if you do, they're like gold. And the numbers are a huge boost to your return. Curious to see some multifamily investors weigh in to see what their take is on some of these loan programs. And how tough it is to get to closing with them.
Yeah I e spoken to a few lenders that I have cold called today. Fannie and Freddie won’t work in this situation because the loan amount is to small. Loan amount needs to be at minimum $750,000.00 the further I dive down this hole the more it seems like traditional 25% down will be mot only option with a 5 year arm.
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