Multifamily Financing

Purchasing or refinancing a multifamily apartment complex?

The Commercial Division of Curlee Capital originates Multifamily fixed-rate, long-term permanent loans and floating-rate bridge loans for the acquisition or refinancing of apartment complexes with at least 10 units.

• Permanent Financing
• Small Balance Loans ($1mm-$10mm)
• Bridge Loans
• Speciality Programs
• Construction Financing
• Large Balance Loans

Benefits of working with us:

• Fast closings
• A+ BBB Rating
• Dedicated representative

Multifamily Permanent Financing

We are direct Multifamily CMBS lenders through our capital correspondent, structuring Fannie Mae, Freddie Mac, and HUD/FHA loans.

ELIGIBILITY: Existing, stabilized conventional properties, multifamily affordable housing properties, seniors housing properties, student housing properties, and manufactured housing communities.
LOAN SIZE: Typically, $6-50 million, but higher loan amounts are available.
TERM: 5-30 years
AMORTIZATION: Up to 30 years
INTEREST RATE: Fixed and Variable; Treasuries and SOFR plus Spread
LOAN FEE: Typically, 1%
MAXIMUM LTV: Varies by asset class and product type
MINIMUM DSCR: Varies by asset type and product type
PROPERTY CONSIDERATIONS: Properties must have stabilized occupancy (typically 90%) for 90 days prior to funding. Loan commitments for pre-stabilized properties will be considered on a case-by-case basis.
PREPAYMENT ABILITY: Flexible prepayment options available including yield maintenance and declining prepayment premium.
RATE LOCK: 30-to 180 day-commitments. Borrowers may lock a rate with the Streamlined Rate Lock option.
ACCRUAL: 30/360 and Actual/360
RECOURSE: Non-Recourse execution with standard carve outs for “bad acts” such as fraud and bankruptcy.
ESCROWS: replacement reserve, tax, and insurance escrows are typically required.
THIRD-PARTY REPORTS: Standard third-party reports required including Appraisal, Phase One environmental Site Assessment, and Property Condition Assessments
ASSUMPTIONS: loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.
SUPPLEMENTAL LOANS AVAILABLE: After the first 12-months.

Multifamily Small Loan Programs

LOAN AMOUNT: $1 to $6 million nationwide.
TERM: 5-30 Years
AMORTIZATION: Up to 30 years
INTEREST RATE: Fixed and variable; Treasuries and SOFR plus Spread
LOAN FEE: Typically, 1%
MAXIMUM LTV: 80%
MINIMUM DSCR: 1.25x
PROPERTY CONSIDERATIONS: Properties must have stabilized occupancy (typically 90%) for 90 days prior to funding. Loan commitments for pre-stabilized properties will be considered on a case-by-case basis.
PREPAYMENT ABILITY: Flexible prepayment options available including yield maintenance and declining prepayment premium.
RATE LOCK: 30-TO 180 day-commitments. Borrowers may lock a rate with the Streamlined Rate Lock option.
ACCRUAL: 30/360 and Actual/360
RECOURSE: Non-Recourse execution with standard carve outs for “bad acts” such as fraud and bankruptcy.
ESCROWS: replacement reserve, tax, and insurance escrows are typically required.
THIRD-PARTY REPORTS: Standard third-party reports required including Appraisal, Phase One environmental Site Assessment, and Property Condition Assessments
ASSUMPTIONS: Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.

Multifamily Bridge Loans

We represent a number of Multifamily Bridge Lenders which include, Banks, Debt Funds, REITS, Private Equity Firms and Hedge Funds.

LOAN SIZE: $1 – $50 million+
TERM: 6-24 months typically, with extension options available
AMORTIZATION: Interest Only
INTEREST RATE: Typically, 8-13%+
LOAN FEE: Typically, 2-4%, including Curlee Capital fee
MAXIMUM LTV: Typically, 60-75% depending on Property type deal and Sponsor quality
MINIMUM DSCR: Varies
PREPAYMENT ABILITY: Minimum Interest payment normally required
RECOURSE: Recourse and Non-Recourse execution with standard carve outs for “bad acts” such as fraud and bankruptcy.
ESCROWS: Replacement reserve, tax, and insurance escrows are typically required.
THIRD-PARTY REPORTS: Standard third-party reports required including Appraisal, Phase One environmental Site Assessment, and Property Condition Assessments.

Multifamily Speciality Programs

Fannie Mae credit facility for multifamily property portfolios.

ELIGIBILITY: New or repeat Fannie Mae Borrowers
CREDIT FACILITY SIZE: Minimum initial advance of $100 million with unlimited expansion capacity
TERM: Flexible Credit Facility and loan terms. Generally, Credit Facility exceeds initial loan term by 5 years
INTEREST RATE: Fixed, variable, or a combination thereof. Variable-rate advances may be converted to fixed rate.
AMORTIZATION: Interest-only and amortizing available, based upon property and pool performance
MAXIMUM LTV: Up to 75% depending upon asset class and product type. 80% LTV for pool of Affordable Housing Properties
MINIMUM DSCR: Generally, 1.25x depending upon asset Class and product type. Multifamily Affordable Housing Properties may start at 1.20x
PREPAYMENT AVAILABILITY: Flexibility prepayment options available
BORROWER ENTITY: A single purpose, bankruptcy-remote entity is required for each borrower and any general partner, managing member, or sole member that is an entity. Borrowers must have common sponsorship.
RECOURSE: Recourse and Non-Recourse execution with standard carve outs for “bad acts” such as fraud and bankruptcy.