100 Unit Apartment complex financing

[Charles Becoat]

Can anyone finance an 100 unit apartment complex deal in Detroit? 

[Ian Stuart]

Have you ever received conventional multifamily quotes from Freddie Mac & Fannie Mae before? If not - I highly recommend. 

For context, Freddie & Fannie offer 5-30 year term (fixed & floating rate), partial-full term IO, high leverage (80% LTV; 1.25x DCR; 30-year amortization), non-recourse financing priced in the high 5.00%'s - low 6.00%'s. With a rate buydown, you'll see rates in the low-mid 5.00%'s. The beauty of agency financing is that you can secure 2nd lien supplemental financing after 12 months, and the loans are fully assumable in the event that you decide to sell down the road.

If you're looking for a bridge loan execution (as opposed to permanent financing), I recommend hiring a broker to shop the bridge debt to life companies, debt funds, banks, and credit unions. 

For context - Berkadia is the #1 Freddie Mac & #2 Fannie Mae multifamily lender in the United States (we're the largest agency lender in the country). We closed ~$13.5 billion dollars in loan volume with the agencies last year. We're also a correspondent lender for 50+ life companies, and broker multifamily debt to debt funds, CMBS, banks, and credit unions. Send me a DM if you're interested in quoting a few scenarios.