Program Details
Small Balance Multifamily
5 to 25 Units
Loan Term
12-24 Months
LTV
Up to 75% for purchase
Up to 70% for refinance
Loan Type
Interest Only; Payments Monthly
Full Recourse to Guarantors
Minimum Credit Score Required
Middle Score of 680
Loan Amounts
$100,000+
FAQs
1 / What is a Multifamily Bridge Loan?
A Multifamily Bridge loan is a short term loan, usually 12-24 months, used to purchase or refinance 5+ unit properties until permanent financing can be secured.
2 / Does the Multifamily Bridge Cover Renovation?
Yes. The most common bridge loan covers the purchase or refinance of the property and funds capital improvements to the property so that stabilization is reached and then permanent financing can be obtained.
3 / Why a Bridge Loan?
Bridge Loans offer you simple, fast financing to fund value add projects or opportunistic investments. There is no income verification and the loan underwriting is focused mostly on the property itself and the plan with that property.
4 / Is Prior Experience Required for Multifamily?
Yes, Simple Funding requires documented prior multifamily experience to qualify for a Multifamily Bridge Loan.
5 / What Third Party Reports are Required?
One full independent USPAP/FIRREA compliant interior/exterior appraisal with As-Is Value and As-Stabilized value if the project is value add. Property Condition Report/Budget Review case by case.
Multifamily Bridge Loans Available in AL, FL, GA, IN, KS, KY, MO, NC, NM, OH, PA, SC, TX, VA
*Loan terms and deal structures are subject to Simple funding’s verification of credit, background and real estate investing experience. Not all clients will receive the maximum advance rates or the lowest interest rates. All loan submissions are subject to underwriting.