This program is for purchase or refinance, and does allow for some renovation or upgrades. This program offers a 35 year fixed rate that is currently in the low 5 % range.This mortgage is fully assumable and non recourse loan, underwritten to a 1.1 debt service coverage ratio.
There are no restrictions on rents or number of units with a minimum of 5, and some retail is allowed.
Construction Take Out works well with the ability to pay off 100% of a construction Loan or 85% of the value of a building base on the rent role.