Updated about 6 years ago on .
Construction Apartment Refinance
Eligibility for Construction Apartment Refinance
In an effort to preserve and expand the supply of affordable and workforce housing, the U.S. Department of Housing and Urban Development (HUD) has announced a major change to the FHA Section 223(f) program eligibility for construction apartment refinance. Borrowers no longer need to wait for 3 years after the original Certificate of Occupancy to apply for 223(f) refinancing.
Advantages of HUD
This means that new or recently rehabbed multifamily properties that have loan amounts above $3,000,000.00+ can now be refinanced with the great terms Section 223(f) is known for, including:
- Amortization up to 35 years
- LTVs up to 85% for Market Rate, and up to 90% for Affordable
- Non-Recourse
- Cash Out Allowed up to 80%*
Debt Service Coverage Ratio
Construction
Apartment Refinance eligibility is subject to the satisfaction of HUD
underwriting requirements, which include a minimum DSCR of 1.17x for
Market Rate properties and 1.11x for Broadly Affordable communities.
Give me a CALL TODAY at 512-650-8630 or 512-354-5949 or get started by completing the form.
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Wishing You the Best,
Karen Schimpf
e: KarenSchimpf at gmail.com |
P.S. I specialize in helping finance SBA Start-Ups, Special Use Properties, Commercial Investment Properties, 30 Year Commercial and Hard Money Bridge Loans. I BRING COMMERCIAL MONEY FROM AROUND THE COUNTRY TO LOCAL MARKETPLACES INSURING THE MOST LIKELIHOOD OF CLOSING. The key is placing the borrower with the lender that most suits that borrower's strengths. I do it better than anyone. Give me a call today at O:512-354-5949 or get started by completing the form.