FHA® 223(f): REFINANCE, ACQUISITION, OR MODERATE RENOVATION Arbor provides FHA-insured, long-term, fixed-rate financing for refinance, acquisition or moderate renovation of multifamily projects nationwide. Arbor uses the single-stage Multifamily Accelerated Processing (MAP) Program to expedite underwriting and approval. See the Terms Loan Term & Amortization Up to 35 years, not to exceed 75% of the remaining economic life (Fully Amortizing). Minimum DSCR 1.176x for Market Rate properties, or LIHTC restricted whose rents are < 10% below market; 1.15x for LIHTC restricted properties with rents at least 10% below market; 1.11x for properties having at least 90% rental assistance contracts. Maximum Loan to Value/Acquisition Cost 85% for Market Rate properties, or LIHTC restricted whose rents are < 10% below market; 87% for LIHTC restricted properties with rents at least 10% below market; 90% for projects with 90% or greater Rental Assistance. Fixed Rate Yes Eligible Properties Existing Multifamily projects at least three years old. Detached structures and row houses eligible. Market rate, low-to-moderate income and subsidized multifamily properties. Eligible Borrower Single Asset Entity (for profit or non-profit). Occupancy Requirement Average 85% occupancy Read the full article…
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