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Commercial Loan Direct - Vamps Up Its Apartment Loans Platform
Borrowers seeking apartment loans that are under restrictions due to location, loan amount, building type or closing time need additional alternatives outside of agency products. CLD has recently extended its apartment loans lending platform.
Borrowers seeking multifamily mortgages that are under restrictions due to location, loan amount, building type or closing time need additional alternatives outside of agency products like Fannie Mae apartment loans and HUD's FHA apartment loans, which is why Commercial Loan Direct has been working hard on expanding its conventional loan offerings.
The demand for apartment loans is still revving and showing no signs of slowing any time soon. After having great success with the launch of its agency series products, Commercial Loan Direct the online business division of CLD Capital, has begun expanding its conventional commercial loans products by partnering with traditional lenders all over the country in order to offer more loan products than ever before. This newly expanded program will allow Commercial Loan Direct to present more flexible products, outside of the restrictions that the agency or conduit loans may present. “This is a great alternative for borrowers that may be in smaller cities or areas without community bank lending activity, or for owners with special-purpose apartments such as low-income, student, senior, or military housing,” says the company’s executives.
Through this recently grown conventional apartment loan program, Commercial Loan Direct can now offer traditional financial products in all 50 states, allowing the company to fund a variety of client requests. In the last month, the company closed two multi-family transactions in Cleveland, GA that would not have been able to go through an agency program due to the lower loan balance and smaller population, as well as an apartment complex in Loris, SC for a first-time buyer that could not be funded through agency programs due to a lack of ownership experience and population size. “With the combination of our agency and conventional programs, we are now able to fund more deals than ever before. No matter where the property is located, if the cash flow, LTV, and borrower are right, we can get the deal done,” says Fernando Martin, the company’s credit manager and executive vice president.
Main Program highlights:
Loan size $250,000 to $10,000,000
Cash out – yes
Prior apartment ownership/management experience preferred
Full recourse usually required
Minimum DSCR 1.2
Terms usually available (floating, 3 yr, 5 yr and 10 yr)
Up to 30 Yr amortization
Rates starting at 3.70% floating and 4.10% fixed
Nationwide (Over 100,000 population preferred)
Major MSA markets will have better terms
View Our Commercial Loan Rates as of today.
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Commercial loans and apartment loans by the #1 rated online commercial mortgage lender. Offering apartment mortgages, commercial property loans, and apartment lending. Save with low fixed rates, no points and low closing costs.