Before getting an apartment mortgage, you should know what to look for. There are several companies to choose from. These include Optigo program, Freddie Mac, Select Commercial Funding LLC, and Fannie Mae. If you’re a first-time buyer, you’ll want to choose a lender that has a good track record and has good customer service.
후순위아파트담보대출Optigo program
Freddie Mac’s Optigo program for apartment mortgages is a small balance loan program that can be used to finance the purchase of small-balance apartment properties. This program is unique in that it can close loans in fewer steps and with less red tape than traditional multifamily financing. It is one of the most popular apartment mortgage programs and has been used to finance more than $33 billion in multifamily properties since 2009.
The Optigo program offers competitive interest rates and is backed by the federal government. The Optigo program provides loans up to $100 million. The loan term can be up to 30 years. An applicant must make a minimum 20% down payment to qualify for the program. However, if a 20% down payment is not possible, Optigo can help.
Optigo is a branch of Freddie Mac’s multifamily lending operation, which focuses on affordable rental housing for all Americans. The company’s mission statement is to increase the availability of affordable rental housing and create a better multifamily financing system. Optigo prefers to fund apartments that are affordable for moderate to low-income renters. Unlike conventional loan programs, Optigo allows sellers and servicers to avoid high interest rates and maintain low rates.
Freddie Mac
Freddie Mac offers apartment mortgage financing for a variety of property types. The agency’s Small Balance Loan program, for example, is one of the most popular types of apartment loans, offering LTVs of up to 80%, DSCRs of up to 1.25x, and fixed or variable rate terms of five to 20 years. However, this loan program does not offer fully amortizing loans, and borrowers must have excellent financial health.
Freddie Mac also offers multifamily loans, including the Structured Pool Transaction program, which is ideal for larger multifamily properties and portfolios. The program enables borrowers to implement a flexible property strategy. The loan features a combination of floating and fixed-rate debt, and flexible release options. It is available for apartment properties of various types, including senior, student, and manufactured housing communities.
This agency also has policies to protect borrowers from future interest rate increases. This policy is beneficial to borrowers in a rapidly rising rate environment. The policy also protects borrowers during the application process.
Select Commercial Funding LLC
If you are in the market for a new apartment mortgage, you should check out Select Commercial Funding LLC, a real estate investment company. They specialize in commercial mortgages, apartment building loans, and other commercial real estate loans. Their goal is to advocate for their clients and help them navigate the current banking industry changes. The company offers several financing options ranging from $750,000 to $10,000,000.
Select Commercial Funding LLC specializes in providing long-term, fixed-rate apartment mortgage loans. It offers loans without personal guarantees and has an “A+” rating from the Better Business Bureau. Whether you own a small or large apartment building, you can count on Select Commercial to help you get a mortgage for it.
Fannie Mae
Fannie Mae offers a variety of different loan options for apartment purchases. Most of these are long-term fixed rate mortgages with amortization periods of between five and 30 years. Fannie Mae is a government-sponsored enterprise (GSE) that pools mortgage loans to provide financial support for individuals and businesses. This type of loan offers several benefits to potential buyers, including the ability to get the best rate possible and no prepayment penalties.
One of the most popular financing options for apartment owners is the Fannie Mae Multifamily Loan Program. With its favorable loan terms, this program is ideal for multifamily property owners. Borrowers are provided with a variety of loan options, including low fixed rates, non-recourse guaranty structures, and more. In addition, Fannie Mae allows borrowers to finance as much as 3% of the total closing costs.
There are also certain restrictions that apply to certain loans. For example, properties that are located in seismic zones 3 and 4 will typically be ineligible for financing. Also, properties built before 1980 are generally not eligible for financing. Additionally, properties that are part of a phased development, HOA, or PUD are generally ineligible for financing.