银行

If you are looking to finance your apartment building or commercial real estate with your local bank, 你可能会觉得没有必要使用中介.

但事实并非如此. 银行也有自己的利基市场. 社区银行之间存在着深刻的差异, 信用合作社, 地区性银行, 和国家机构. 一些银行提供全额分期偿还的30年期贷款, 其他公司的摊还期限为20或25年. Some lenders may cap/limit 利用 at 70% LTV whereas others will allow up to 80% LTV on some multi-family properties. 也许你更喜欢一个较短的提前还款期，因为你通常会再融资或出售/1031交换 每2 - 3年.

由于以上原因和更多, you will likely benefit from working with a mortgage/financing intermediary (like Realty Yield) that has a long list of banking relationships and options.  我们可以根据您的情况和需要为您的贷款提供最优惠的利率/条款.  

100万美元以下的公寓/多户型贷款来源

One of the most underserved areas - and one in which securing loans is a challenge- apartment/commercial real estate loans from $500,000到100万美元.

这是因为贷款者要花同样多的钱来发行500美元,1000万美元的贷款. 也, since most apartment/commercial loan originators are incentivized by dollar volume there is less motivation to pursue loans under $1 million, 它可能会翻倍, 三倍, 或者是工作量的四倍.  拉菲3平台收益率可以获得最好的贷款来源，为这种高需求, 服务水平低下的金融/抵押贷款领域.  

人寿/保险公司

公寓物业, 人寿公司提供了一种替代房利美和房地美的融资方式, 因为他们有更长的贷款期限和通常例外的利率.

然而, 人寿保险公司在杠杆率(LTV)方面缺乏竞争力, 特别是当涉及到现金再融资时. Life Companies are often the most competitive and viable option for larger balance ($10MM and up) commercial real estate loans for office buildings, 零售中心, 单租户零售及其他商业物业. 人寿公司通常会关注最高等级/质量的资产, 因此，他们在批准融资/抵押贷款时非常挑剔.

CMBS

CMBS贷款, 也被称为管道贷款, 无追索权和提供低利率和相对较高的杠杆率, 符合条件的房产的ltv高达75%. CMBS是“商业抵押贷款支持证券”的缩写,” as these loans are pooled into securities and sold on the secondary market to investors). CMBS financing is often ideal for projects that are not a good fit for agency lenders like 房利美(Fannie Mae) or 房地美(Freddie Mac).

因为CMBS主要是基于资产的, 贷方更有可能批准有信用或法律问题的借款人, 比如最近的一家破产公司. 这些贷款也是理想的情况，需要一个更快的关闭过程, 较少的繁文缛节，比借款人更关注房产收入.  CMBS贷款适用于大多数商业地产资产类别, 包括办公大楼, 零售中心, 公寓大楼, 酒店, 产业属性, 和更多的.  CMBS贷款可以为一些多户型投资者提供显著的优势和利益.

注意:CMBS借款人应该理解这一点, 不像银行贷款, you will not be dealing directly with your lender after your loan has been securitized and sold to investors. 而不是, 你将和一名服务大师一起工作, 专门从事管理(收款)工作的公司, 财产检查, 等.)管道贷款.

房利美(Fannie Mae)

当涉及到多户住宅的融资时, 公寓, 学生住房, 经济适用房, 辅助生活, 卫生保健设施, 移动家庭公园等等, 房利美经常提供最有竞争力的固定利率和浮动利率融资, (房地美可能除外).

然而, 排位赛可能是一个挑战, as 房利美(Fannie Mae) loans require very experienced borrowers with strong financial statements and rigorous property underwriting. 房利美(Fannie Mae) multifamily loans are particularly well suited for 经济适用房 financing and can fund 经济适用房 rehabilitation— especially when paired with the LIHTC (Low-Income Housing Tax Credit) program. 房利美(Fannie Mae) financing is also a good choice for financing properties previously under HUD legacy programs that are being converted to Section 8 housing under the Rental Assistance Demonstration (RAD) program.

房地美(Freddie Mac)

房地美(Freddie Mac) provides a diverse portfolio of multifamily loan products for both the acquisitions and recapitalizations of apartment communities.

在过去, 房利美(Fannie Mae) was the government sponsored agency of choice for higher balance multifamily lending.  然而, 为了在贷款市场上变得更加积极，因为竞争加剧, 房地美(Freddie Mac) released a small balance program in September 2014 to compete with 房利美(Fannie Mae). 与房利美(房利美(Fannie Mae))一样，它对委托人和房产也有严格的承销准则. 但是一旦批准, 很少有多户型贷款机构能与之竞争, 在人寿公司之外进行更大规模的交易. 

HUD-Insured多户贷款

当涉及到建造、收购或再融资多户型房产时，美国政府的政策是.S. Department of Housing and Urban Development (HUD) offers some of the best financing options on the market today.

住房抵押贷款保险的多户型贷款提供有竞争力的利率, 长条款, 高杠杆津贴, 完全摊还，无追索权. 此外，住房和城市发展部的多户型贷款是完全可以假设的(经住房和城市发展部/联邦住宅管理局批准).  而HUD贷款对于所有类型的房产都是很好的, 包括市价公寓, 他们为负担得起的房产提供额外的好处, 是低收入住房税收抵免(LIHTCs)的一个很好的候选人。, housing located within Opportunity Zones and in conjunction with the Rental Assistance Demonstration (RAD) program, which allows certain properties under HUD legacy programs for 负担得起的 properties to convert their housing to the HUD Section 8 program. 然而, 尽管他们的好处, HUD multifamily loans do require a significant amount of paperwork and documentation-- which is why it's essential to have a trusted advisory team that can guide you through each step of the HUD multifamily application, 批准, 和关闭过程. 

辛苦钱

硬通货贷款和私人资本用于硬通货的情况在过去是罕见的. 然而, 随着市场的发展和资本的涨落, 现在可能会出现需要硬通货的情况.

The benefit to true hard money loans on commercial real estate is that the only underwritten component is the as-is value of the property. 这意味着快速关闭和高成本. 在过去, borrowers have used hard money because of credit, legal, or financial issues. Hard money financing in commercial real estate is also used when a borrower needs a particularly fast closing because of a deadline, 或者是因为合同下的房产融资失败. 总的来说，由于各种各样的原因，硬通货仍然每天都在使用. 也就是说, 硬通货可能不是你唯一的选择, 在申请硬通货贷款之前, 你应该知道是否有其他选择. 请联系Realty Yield获取更多信息.

过桥贷款

Non-Recourse Multifamily and 商业地产 Bridge loan rates and terms vary subject to sponsorship, 贷款金额, 属性类型, 利用, 以及桥梁融资需求背后的故事.

Some common uses of bridge loans are construction completion, stabilization, and rehabilitation.  Bridge loans are ideal for repositioning a property to get competitive permanent financing or sell the asset after the project is managed to stabilization or the "issues" at hand are addressed. 多户型过桥贷款可以与房利美和房地美贷款一起使用, CMBS融资或其他银行贷款. Most of the same opportunities exist with commercial real estate bridge loans in general outside of 房利美(Fannie Mae) and 房地美(Freddie Mac) permanent financing options.