These loans are structured for refinance at maturity with an agency such as Fannie Mae, Freddie Mac, FHA/HUD or life company loans.
Multifamily properties with five or more residential rental units, including:
Conventional (market-rate) multifamily
Seniors housing – independent or assisted living
Residential care facilities, including:
Nursing homes / skilled nursing facilities
Alzheimer's or memory care!facilities
Board and care facilities
Loan Program Features!
Bridge loans typically include the following features. For specific information on this program, please contact us.
Bridge Loan Program
Maximum Loan-to-Value (LTV)
80%. Loans will be sized based on the assumption that the source of the bridge loan repayment will be an Agency or FHA/HUD loan. Generally, the maximum allowable Bridge Loan will be at least 5% less than the estimated amount of the Agency or FHA/HUD permanent loan.
Minimum Debt Service Coverage Ratio (DSCR)
1.00x (based on a floor rate determined on a case-by-case basis, which is generally in the 6%-7% range).
Minimum 12 months; maximum 24 months. Extensions are available, subject to performance thresholds.
Variable, floating over 1-month LIBOR2
Loan proceeds greater than 65% LTV will be recourse. Loan proceeds less than 65% LTV may be non-recourse with acceptable sponsor credit. and full-term available
1 All loans and all terms referenced herein are subject to receipt of a completed application, credit approval and other conditions.
2 Subject to change at discretion of lender.
Contact M&T Realty Capital Corporation to help.
Our program managers can talk through yourneeds to find options that work for you.
$29.6 Million in Financing for Multifamily Property in Virginia
M&T Realty Capital Corporation® has closed a $29,600,000 FHA-insured loan for the refinance of a 188-unit multifamily property located in Dumfries, VA. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 223(f) program.