Multifamily Agency Resources:
La Quinta operates under a contractual agreement as an approved firm with one of the largest Agency lenders in the country for 15 + years.
Capital is available for Acquisition, Refinance, Construction (Modular & Stick built), and Rehabilitation or Conversions. Open to Multifamily, with some mixed use per guidelines, including Assisted Living and health care.
FHA/HUD programs are Non-Recourse including construction and long-term financing as one loan and one closing. Rates and Terms vary by product type(s) ranging from 85%-90%, with 80% cash-out refinance. Fixed-rate periods are most often amortized for a period of 35-40 years. Current rate locks are 2.35% for existing projects and 3.25% for development/construction). Financing is easily assumable. Rural locations and building classifications A-D are often acceptable.
Housing Tax Credits (LIHTC) for the construction & restoration of, affordable rental housing is allowed, including unique equity considerations under BSPRA guidelines.
Rental income is not restricted to Section 8 or Low-Income tenants only as many believe. Approved projects are often market rents only, or a mix of renter income types, including income derived from Assisted Living facilities.
Current FHA/HUD programs consist of:
223 (f ) Acquistion, Refinance, Cash-out, Light Rehab and upgrades.
221 (d) (4) Ground-up Construction, Substaintial Rehabilitation, Modular & Stick-Built.
223 (a) Refinace of exising FHA/HUD debt
232 For Assisted Living, Skilled Nursing, Memory and Health Care. Acquisition, Refinance, and construction.
Subdivision Development as Agency:
A Single-Family Construction & Long-Term Hold as a Rentals Only:
Development and Construction of single-family homes, twin homes, and 1-4 units or as combinations. The development must be on its own separate parcel of land. Constructed as Modular or Stick built.
Features of the Agency program are one closing for construction and long-term with a 40-year fixed rate as non-recourse. The current lock rate is estimated at 2.95% currently and easily assumable. Pre-approvals within 45 days of completed package and response to underwriting questions.
Other Agency Programs: Through Freddie Mac, Fannie Mae, offer specific fixed rate periods, generally amortized over 30 years. Rates and LTV’s can vary by location Tier’s, credit scores, product types and other underwriting factors.
Programs can offer Interest only payments for a specific period. Non-recourse is available. Capital arrangements vary under guidelines including size of loan as “Small or Large Balance” Loan sizing from $1mm to $100mm. Open to Multifamily, Student Housing, Manufactured Housing.
There are considerations for “Bond Credit Enhancements” Given there are several underwriting variables. We recommend contacting us for assistance and options.
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