| Best Fit Financial LLC "Worth telling your best friend about" |
| Multi-Family (5+Units): Most towns have multi-family housing in their skylines. These projects will have a variety of financing options to choose from. Smaller projects will find financing in community and regional banks and credit unions. Most banks offer an 80% LTV, while most credit unions offer 75% LTV. Both will take into account global cash flow. Banks and credit unions will offer a term of 15-20 years on most loans and a 5-year rate term. When dealing with larger projects, $1 million loan size or greater, one may want to consider a Non-Recourse loan. These lenders will offer a 30-40 year term with rate locks well beyond 5 years. Underwriting these loans will place most of the weight on the project in question to be sure it operates in a profitable range. Due to the size, underwriting technique, collateral type and earning ability, these loans can be packaged to sell on the securities market (CMBS). These loans are best suited for long-term property ownership and are more readily available in higher population centers. The buyer looking for a Non-Recourse CMBS loan will want to have a net worth in the same range as the subject project. We can provide financing options for all the above mentioned programs. Call today. |
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