What is a Multifamily Loan?
A multifamily loan, defined by five (5) or more units, is typically reserved to house more than one family. The lender, or loan originator, may find a multifamily unit applicable for a multifamily loan as any building that contains more than five (5) residential units, apartments or healthcare facilities. This type of loan is designed for investors purchasing apartment buildings or condominium complexes. The required documentation for this program is typical to other loan qualification documentation such as personal financial and personal assets, but differs itself in regards to qualifications of the building. This is a vital piece of documentation to the loan decision making process.
After selecting a multifamily property, a corporation or LLC may begin the application process for a loan to cover a mortgage on it. Similar to applying for any loan, the applicant will need to fill out a series of forms to obtain this financing.
Our professional loan officers will guide you through the necessary step by step process to assure your understanding and decision making in completing the given transaction.
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