Apartment/Retail Construction Loans
Apartment/Retail Loan Rates
Commercial Loan Rates
Bridge Loan Rates
All Loan Programs

  • Fast Quote
  • No Obligation
  • No Credit Check
  • Quick Response
  • Get Pre-Approved in 5 Minutes

2-4 Unit Loans

Loan amounts up to $2 million on small residential income properties. While many investors start small and then move up to five or more units ALB Commercial Capital does it’s best at providing financing.

SBA

Small Business Administration (SBA) guaranteed loan programs help with a full range of small business needs for any industry. An SBA loan can be used to construct new or purchase existing commercial owner-occupied real estate, to expand or modernize facilities, purchase equipment, finance business acquisitions or start ups, and finance inventory and accounts receivables.

hud/fha affordable housing loans

To qualify for HUD affordable financing the multifamily project has to have 25% of the units at 60% of AMI (Area Medium Income) or 20% of the units at 50% of AMI. This program is for new construction, substantial rehabilitation, or purchase/refinance of existing apartment complexes.
 Commercial Mortgage For Office, Retail, Industrial & More
Cohen Commercial Advisers may specialize in multifamily real estate finance, but this does not preclude traditional commercial real estate from the equation. After building such substantial CMBS, Bank, and Life Company relationships, Cohen is well positioned to undertake even the most complex office building, retail (single tenant & strip), and industrial property transactions. Every property has its own story and there are few financial intermediaries and lenders in the world that have the experience to tell that story to underwriters as Cohen Commercial Advisers. Furthermore, the intimate relationship Cohen has with all of its lenders allow it to more easily facilitate complex financing requests for commercial real estate. A transaction of note was a recent acquisition using a three-piece capital stack of LP equity, on top of mezzanine financing, on top of a bridge loan for a $19,000,000 office building rehab and repositioning in Utah (at more than 97% of total project cost). The commercial mortgage finance capabilities of Cohen are amongst the industry's most diverse.
Apartment Loans: Small Balance
With guidance from Cohenl, apartment financing for multifamily housing is easy to navigate. Our expertise with various multifamily loans including Freddie Mac multifamily loans, Fannie Mae multifamily loans, and FHA multifamily loans will keep your multifamily investment working for you. Our Small Balance Apartment Loan programs range in size from $500,000 to $5,000,000 with specific requirements and pricing based on your investment objectives.
Multifamily Loan Options Include:

  • LTVs from 80%
  • Fixed rates from 3.75%
  • Amortizations from 30 years
  • Non-recourse
  • 45-day closings
Multifamily Quick Docs:

Last 3 years' P&L
Current rent roll
Trailing 12-month P&L
(month-by-month)
Personal financial statement
Apartment Loans: Large Balance

As a multifamily investor, you deserve and require the best. Cohen Commercial Advisers has years of experience working with multifamily mortgage lenders and finding the competitive loan programs for your investment needs; let us find you the best mortgage rates. Today is the day to make your return on investment a reality. Our Large Balance Apartment Loan programs start at $5,000,000 with specific requirements and pricing based on your investment objectives.
 HUD/FHA Affordable Housing Loans/Financing  (Lowest Fixed Rate)

Minimum Loan:  $5,000,000 for New Construction, $3,000,000 for purchase or refinance of existing multifamily properties
LTC and LTV: Up to 87% of Cost for New Construction with no LTV calculated,  or up to 87% LTV for the purchase or refinance of existing multifamily properties. Existing properties must be at least 3 years old
DSCR:  1.15    1.11 for properties with 90% or greater rental assistance
Term:  40 Years for New Construction, 35 Years for Existing Multifamily properties
Amortization: 40 Years for New Construction, 35 Years for Existing Multifamily
Interest Rate:  Low rate tied to the 10 year US treasury yield fixed for 40 years for New Construction and 35 Years for Existing Multifamily.
Occupancy Requirement:  90% for 90 days for existing properties
Recourse:  Non-Recourse Loan
Assumable:  Yes subject to FHA approval and a ½% fee
Prepayment Penalty:  Declining for the first 10 years

Fannie Mae Affordable Housing Loans/Financing
For acquisition or refinance of affordable housing multifamily properties that are subject to low income rent restrictions or receive LIHTC (Low Income Housing Tax Credits)
Minimum Loan:  $1,000,000
Loan to Value:  Up to 90%
Term:  10 to 30 Years
Amortization:  Up to 30 years
DSCR: 1.15
Interest Rate:  Fixed for 10 to 30 years, tied to corresponding US treasury yields or adjustable rate priced off the 1 or 3 month LIBOR rate
Minimum Occupancy Requirement:  85% for 90 days and 70% economic occupancy
Recourse:  Non-Recourse Loan
Assumable:  Yes with a 1.00% fee
Commercial Space: Maximum 35% of net rentable area and 20% of effective gross income
Prepayment Penalty:  Yield Maintenance
Supplemental Loans:  Yes, after 12 months and up to 75% of Appraised Value

USDA Affordable Housing Loans/Financing  

USDA Financing is for new construction, Rehabilitation and the purchase of affordable rent multifamily properties. The program is eligible only in rural communities of less than 50,000 population.  Property cannot be in close proximity to a major population area.
Rehab if needed must be at least $6,500 per unit
Commercial Space cannot exceed 10% of gross SF, and/or 10% of total income
Average rents cannot exceed 30% of 115% of AMI (Area Medium Income)
Income for Tenants cannot exceed 115% of AMI
Interest rates can be fixed for the life of the loan.  Rates based on the 30 year treasury bond rate plus an index
Interest Rates fixed for up to 30 years.  40 years for New Construction
Amortization:  30 years.  Maximum 40 years for new construction
Term:  30 years for purchase loans,   40 Years for New Construction
LTV up to 90% for profit entities.  97% for non-profit entities
Minimum Loan: $1,000,000    Maximum Loan: None
Recourse:  Loan is Non-Recourse
DSCR: 1.15
Prepayment penalty:  Declining for the first 10 years.
Freddie Mac Affordable Housing Loans/Financing

For the acquisition or refinance of affordable multifamily properties.  Eligible properties must have 20% or more units rented at or below 50% of AMI (Area Median Income) or 40% or more units rented at or below 60% of AMI.  Other affordability configurations will be considered.
Minimum Loan:  $3,000,000
Loan to Value:  90% of market value with HUD Risk Sharing LTV or 80% LTV without HUD Risk Sharing.
Term:  7 to 30 years
Amortization:  Up to 30 years
Interest Rate:  Tied to corresponding US Treasury Yields
DSCR:  1.25 standard, or 1.15 with HUD Risk Sharing, Cash out refinance: 1.30 or 1.20 with HUD Risk Sharing
Minimum Occupancy Requirement:  90% for 90 days
Recourse:  Non-Recourse Loan
Assumable:  Yes with a 1.00% fee
Prepayment Penalty:  Yield Maintenance
Supplemental Loans:  Permitted after 12 months

 Apartment/Multifamily Construction Loan Programs (5 + Units)

1. FHA New Construction or Major Rehabilitation – 85% - 87% of Cost, Non-Recourse Construction and Perm Loan
Minimum Loan: $5,000,000   Maximum Loan $25M and above
85% of Cost for Market Rate Developments, 87% of Cost for Affordable Housing
Construction Loan rolls over seamlessly to 40 year fixed rate perm loan
Perm Loan Term: 40 Years, Amortization 40 years
Exceptionally Low 40 year fixed rate
DSCR: 1.176
18 months after completion for absorbtion/stabilization
Perm loan rate is locked prior to construction
Non-Recourse construction and perm loan
No Tax Returns Required
FF&E may be financed
Draws (average bi-monthly)
No minimum Net Worth Requirement
Minimal Post Closing Cash Requirement
Good Credit Required


Private Institutional Construction Loan – High LTC. Seamless Roll Over to Perm

Minimum Loan $4,000,000, Maximum Loan $50,000,000
Loan to Cost: 80%
1 month Libor plus 4.00% to 5.00%  (interest only)
Subordinate Mezzanine debt may be allowed up to 90%  CLTC
Term up to 36 months
DSCR: 1.25
Recourse
Mini perm not needed
Roll over to Fannie Mae or Freddie Mac perm loan
Draws bi-monthly to monthly
No Pre-payment Penalty
Net Worth required equal to the size of the loan for all key principals combined
Post closing liquidity requirement:  10% of the loan amount
Good Credit Required

Regional Bank Program –  Loan tailored to your needs, great service  

Minimum Loan $4,000,000,  Maximum Loan: $18,000,000
Up to 75% of Cost
No subordinate debt allowed
Term 24 months
1 month Libor plus 4.00% or prime rate plus 1.00% to 2.00% Interest Rate (Interest only payments)
DSCR: 1.25
Recourse
Usually no mini-perm needed. 
Roll over to perm loan of your choise
Draws weekly to bi-weekly
Net Worth Requirement equal to greater than the loan size
Post Closing Liquidity Requirement equal 15% or greater than the loan amount
Excellent Credit
National Bank Program – Lowest Construction Loan Rates, Seamless Transition to Perm Loan

Minimum Loan $10,000,000   Maximum Loan $100,000,000
Up to 70% Loan to Cost
1 month libor plus 3.00% to 4.00% interest rate
Subordinate debt mezzanine loan allowed up to 80% CLTC
DSCR: 1.25
Term 24 – 36 months
Recourse
No mini perm needed
Roll over to Non-Recourse Fannie Mae or Freddie Mac Perm Loan
Draws bi-monthly to monthly
Net Worth requirement 1.5 times the loan amount
Post closing liquidity requirement equal to 15% - 20% of the loan amount
Excellent Credit Required

Life Company Program –  Very Low Rates, Roll Over to Long Fixed Rate Perm

Minimum Loan $15,000,000, No Maximum
Loan to Cost up to 70%
Subordinate Mezzanine debt may be allowed up to 80% CLTC
Term 36 months
1 month Libor plus 2.75% to 3.50%
DSCR:  1.20
Non-recourse
Mini-perm not needed
Roll over to very low rate 10, 15, 20 or 25 year fixed rate perm loan
Bi-monthly to monthly draws
Net Worth Requirement equal to 1.5 to 2 times loan amount
Post Closing Liquidity Requirement equal to 20% of the loan amount or greater
Excellent Credit Required


Hard Money Apartment/Multifamily Construction Loan – Easy to Qualify,Fast, Low Documentation, low hassle, Poor Credit Ok

  • Minimum Loan $1,500,000  Maximum Loan $25,000,000
  • Loan to Cost: 75% to 85%
  • Subordinate debt may be allowed
  • Term: 12 – 18 months with extensions
  • Rate: 7.00% to 12.00% interest only
  • Weekly to bi-monthly draws
  • No Net Worth to Loan Ratio
  • Very low Post Closing Liquidity required
  • Poor Credit Ok

Regional Bank Program –  Loan tailored to your needs, great service  

Minimum Loan $4,000,000,  Maximum Loan: $18,000,000
Up to 75% of Cost
No subordinate debt allowed
Term 24 months
1 month Libor plus 4.00% or prime rate plus 1.00% to 2.00% Interest Rate (Interest only payments)
DSCR: 1.25
Recourse
Usually no mini-perm needed. 
Roll over to perm loan of your choise
Draws weekly to bi-weekly
Net Worth Requirement equal to greater than the loan size
Post Closing Liquidity Requirement equal 15% or greater than the loan amount
Excellent Credit
Apartment/Multifamily Loans types

  • Fannie Mae Apartment Loans
  • Student Housing Loans
  • Construction Apartment Loans
  • Muitiple/Blanket
  • Residential  Loans
  • Bridge Apartment Loans
  • Stated Income Apartment Loans
  • Bad Credit Apartment Loans
  • Affordable Housing Loans
  • Insurance Apartment Loans
  • FHA/HUD Apartment Loans
  • Senior Housing Loans National 
  • Bank Apartment Loans
  • CMBS Apartment Financing
  • Mobile Home Park Loans
  • Regional Bank Apartment Loans
  • Freddie Mac Apartment Loans
  • Rehab Apartment Loans
  • Community Bank Apartment Loans
  • Apartment/Multifamily Loans/Financing Rates Apartment/Multifamily Loans/Financing Process


Loan Process
Cohen Commercial Advisers commercial loan experts will ease you through the smooth four-step loan application process.

STEP ONE: PRE-APPROVAL (QUALIFY) 
After initial contact, you will be provided with a brief list of items we’ll need in order to issue commercial loan pre-approval. In your pre-approval, you can expect a quote for rates, terms, costs, valuation estimate, expected time frames and instructions on how to proceed to step two.
STEP TWO: REGISTRATION AND ENGAGEMENT (COMMIT)

Registration is the point in the process when we submit a complete commercial loan proposal package to our underwriters. Upon underwriter’s satisfactory review of the commercial loan file, we commit third-party funds and any applicable fees in order to engage an appraiser and inspector.

STEP THREE: PROCESSING (VERIFY):

After third-party reports have been ordered, our friendly apartment loan assistants will request some additional items of verification. This will usually entail personal tax returns, entity documentation, funds verification, etc., but may vary depending on your specific commercial loan program. *Note: Speak with your apartment loan officer if you have questions about items that will be used in verification or qualification of the apartment loan. MFG Access Program (a no PDTI program) requires personal tax statements to verify the borrower has filed taxes not for qualification purposes.

STEP FOUR: CLOSING (FINALIZE): 

Once third-party reports are completed and the verification process satisfied, a final commercial loan approval will be issued. Once apartment loan approval is signed and returned, with any prior-to-closing conditions satisfied, our underwriters draw commercial loan documents. Our assistants ensure a coordinated and timely closing by working closely with your title and escrow agent. *Note: The most common prior-to-closing requirements are in regard to minor repairs that may be necessary due to deferred maintenance . These issues are usually addressed prior to final loan approval, due to inspection or appraisal. For example, repair of a staircase because it is not conforming to code or is considered a safety issue.
Total time from start to loan funding is generally 50 to 60 days, depending on the commercial lender and how soon you can submit apartment loan documents.
A quick phone call to one of our friendly apartment loan specialists will get you started today
call 1-847-235-4682