Construction loans
Whats the best way to shop for multi-family construction loans?
Anyone know what MFFA is on Fannie May's site and what this site is all about?
https://www.fanniemae.com/multifamily/construction-lenders
Recently read an article...Fannie Mae and Lenders finance 33.8 billion in multifamily in 2012..Delegated Underwriting and Servicing(DUS)
Top 10 DUS
1. Walker & Dunlop
2. Wells Fargo Multifamily Capital
3. Beech Street Capital
4 CBRE Multifamily
5 Berkeley Point Capital
6 Bercadia Commercial Mortgage
7 M& T Realty Capital
8 Arbor Commercial Funding
9 PNC Real Estate
10 Greyston Servicing Corp
Good place to start...
Its the " Master Foward Financing agreement" - Its guidelines for the lender.
Got it thanks, this stuff gets confusing! I called a few only to get voice mails or some that had no idea about these programs, but one did tell me to stick in my area for construction loans due to all the inspections it can get expensive. Got to love these bankers and HUD agents that never answer their phones and seldom call you back.
The demand for multifamily construction financing is slowly increasing.You can go for FHA insured loans through HUD.
Hi Terry,
Are you doing ground up development in Wichita Kansas? A multifamily building?
Originally posted by Derrick Moore:
Hi Terry,
Are you doing ground up development in Wichita Kansas? A multifamily building?
No not developing yet, getting started on our first duplex. I have a construction company am a paper contractor w/subs to build a complete home and hoping to take my class A GC and pass this week. So this will be my first build, not sure where to start. Going to call a developer where I seen some new lots and see whats up, otherwise look around for vacant lots then put together an estimate, then get some financing while the rates are low, I'm thinking. Also, looking at HUD, Freddie and Fannie, but don't see alot of duplexes.
Any advice from anyone be appreciated!! :)
I work for one of the top DUS lenders. here are my thoughts:
you will be best served with a local bank or credit union. even for larger projects many times they're the ones doing the construction with the institutional investors doing the permanent financing.
also note that i do large scale commercial lending. you may very well find an agency program that will fit your needs on the residential side (less than 5 units)
Originally posted by Derek Carroll:
I work for one of the top DUS lenders. here are my thoughts:you will be best served with a local bank or credit union. even for larger projects many times they're the ones doing the construction with the institutional investors doing the permanent financing.
also note that i do large scale commercial lending. you may very well find an agency program that will fit your needs on the residential side (less than 5 units)
Ok thx but what do you mean by "agency programs" I think I am looking at two homes, maybe some lots to get started as a builder.