Program Description Loan Size Term Amortization LTV DSC Recourse Benefits
HUD SECTION 221(d)(4): Fixed rate construction and permanent financing for the construction of new apartment properties or for existing apartments requiring substantial rehabilitation. N / A 40 Years Construction loan which converts into a 40-year, fully amortizing loan 90% 1.11 Non Recourse (I) Provides high leverage (ii)  Fully amortizing fixed rate  (iii)  assumable (iv)  BSPRA Program permits the use of a Builders and Sponsors Profit and Risk Allowance for the partial fulfillment of the equity requirement of the loan.
HUD SECTION 223(F) : APARTMENT PROPERTIES REFINANCE OR PURCHASE Apartment properties which are at least 3 years old from the date of initial occupancy. Moderate rehabilitation is permitted N / A 35 Years 35 Years 85% 1.17 Non Recourse (I) Provides high leverage (ii)  Fully amortizing fixed rate and (iii)  assumable
Fixed Rate Program Apartments which are existing, recently completed (both newly constructed or substantially rehabilitated). Properties must have a minimum occupancy of 90% at the time of commitment and the preceding three-month period. Minimum $750,000  5, 7, 10, 15,20,25  20,25 or 30 year. 80% 1.25 Negotiable (I) Cash Out (ii) long term fixed rate (iii) assumable (iv) provides for second mortgage financing after 12 months. 
Supplemental Mortgage Program This program allows current borrowers additional financing on existing loans up to original underwriting parameters. The borrower is eligible to receive supplemental loans 12 months or later after initial loan closing of the first mortgage. Minimum $750,000 Coincide with first mtg. terms. Coincide with first mtg. terms. 80% 1.25 Negotiable (I) Cash Out (ii) long term fixed rate (iii) assumable
Forward Commitment

The program provides flexible options for securing permanent financing terms prior to or during construction
/substantial rehab

 Minimum $1,500,000 Up to 24 months. Up to 30 years  90% for affordable housing, 80% for market. 1.10 for affordable and 1.25 for market. Non Recourse Can lock in a fixed rate during construction.
MEZZANINE Secondary Financing Minimum $2,000,000. Negotiable Negotable Up to 90%. 1.10:1 Yes  
Bridge loans Acquisition/Refinance and Moderate Renovations Minimum $2,000,000. 1-3 Years Interest Only Up to 90%. 1.10:1 Yes Can be use funds to reposition properties and fund time sensitive deals.