Bridgehampton Strategy

A Commercial Finance Brokerage & Risk Management Advisor

MULTIFAMILY

We can deliver flexible multifamily property financing through Fannie Mae for fixed and variable rate commercial mortgage loans. The multifamily product selection includes options for senior credit facilities and near-stabilization execution for owners and investors seeking financing terms for a portfolio of properties, with property additions, property release, property substitutions and borrow-up capabilities for all asset classes. The minimum initial advance for credit facility is $55 million with unlimited expansion capacity. Eligibility include new and repeat Fannie Mae borrowers. The multifamily near-stabilization product provides permanent mortgage loan financing for newly constructed or recently renovated conventional and affordable multifamily apartment communities expected to achieve stabilization occupancy within 120 days. Near-stabilization loan amounts are $10 million or greater. Eligible properties include, conventional and multifamily affordable housing, partially leased, newly constructed or recently renovated communities nationwide for strong borrowers with demonstrated lease-up track records. In addition, Fannie Mae provides a fixed rate option for acquisition or refinancing of multifamily properties and unfunded forward commitments to issue an MBS upon completion of construction and conversion to a permanent mortgage loan for multifamily affordable properties. The MBS as collateral for tax-exempt bond execution is an available option for 4% LIHTC transactions. Our financing programs offer a lower cost of execution, competitive rates, flexible terms, and efficient processing, which make it easier and faster to get to the closing table. 


PRODUCT HIGHLIGHTS


CREDIT FACILITY 


· Minimum initial advance $55 million with unlimited expansion.

· 15- year Credit Facility, with 5-15-year loan terms, available for maturity laddering.

· Fixed, variable interest rate or a combination thereof. Variable rate is convertible to fixed.

· Interest-only amortizing available, based upon property and pool performance.

· Up to 80% LTV depending on asset class and product.

· Non-recourse (with standard carve-outs) and assumable upon satisfaction of the requirements   of the Master Credit facility Agreement.


NEAR-STABILIZATION EXECUTION


· Loans $10 million or greater.

· 5,7,10, and 12-year term options are available.

· 5 – 30-year amortization.

· Monthly payments of interest only for the first 12 months of the loan term, based upon the actual interest rate.

· Minimum physical occupancy of 75% at rate lock, with full disbursement of proceeds at closing.

· Non-recourse execution with standard carve-outs.


FIXED RATE MORTGAGE LOANS


· Properties must have stabilized occupancy (typically 90%) for 90 days prior to funding.

· Terms of 5 to 30 years assumable subject to review and approval of new borrower’s financial capacity and experience. 

· Amortization up to 30 years for conventional properties; 35 years for affordable.

· 80% LTV for conventional properties.

· Competitive pricing.


MODERATE REHABILITATION (MOD REHAB) LOANS


Subordinated financing options for multifamily properties with completed moderate rehabilitation.

· 5 to 30-year terms, coterminous with the senior mortgage loan.

· Up to 30-year amortization

· Fixed and variable rate options.

· Must have an average of at least $8,000/unit of property improvement.


TARGETED AFFORDABLE HOUSING EXPRESS  


This program features easier prescreening, standardized underwriting and prepayment flexibility when financing stabilized properties under $10 million. Benefits include ARM and fixed rate options, full-term interest only available, up to 80% LTV and 30-year amortization. Eligible transactions are uncapped multifamily stabilized properties with one or more affordable characteristics. Funds are available for acquisition or refinancing. 


BRIDGE AFR LOANS 


· Loans between $2.5 million and $7.5 million for small balance multifamily properties that are not yet stabilized but otherwise qualify for agency financing. This program is specifically designed to deliver fast and streamlined closings, highly efficient and low cost to roll into a permanent loan, non-recourse, and competitive rates and terms. 


FREDDIE MAC 


· Loans between $1 million and $7.5 million for acquisition or refinance (Cash-Out available) of Through our national funding partners, we are capable of arranging innovative commercial real estate financing solutions for commercial property acquisitions, development, and refinancing for properties located nationwide.

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