This Loan Program maximizes your investment capitol, with as high as 90 % loan to construction costs, then roles into a 40year fixed fully assumable non recourse loan, the profitability of the completed project will be calculated using a 1.1 debt service coverage ratio.Interest rates are currently 6.25% and that is made possible using a government insured program that’s purpose is to create low to middle income apartments that are kept to a high standard of living.
Low income housing can be built or refinanced with this program but is not a requirement that you are part of a HUD program
Yes there are more requirements than a conventional Bank loan but, CCM is well acquainted with the process and will guide you through every step. And once you close you will be in a highly leveraged construction or renovation loan that roles into a 40 year fixed fully assumable non recourse loan