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Multifamily Finance Blog

Apartment and commercial real estate finance has its own language. Stay up to date with CRE terminologies, Q&A, interviews, FAQ, definitions, trends, opinions, and more.

Mar 24, 2023 | 4 min read

The Best 3 Multifamily Loans for Affordable Housing in 2023

Discover the three best multifamily financing options for affordable housing in 2023, including the HUD 223(f), Fannie Mae Standard FHA Risk Sharing Execution, and USDA 538 loans.

Feb 23, 2023 | 10 min read

6 Ways to Set Your Apartment Rents

Learn how to set rental rates for your multifamily property by examining these six key data points.

Feb 20, 2023 | 7 min read

Multifamily Utility Considerations for Investors

Learn about the best utility billing methods for multifamily investors, including submetering and RUBS. Also explore other cost-saving strategies.

Feb 17, 2023 | 4 min read

What Is a Bankruptcy-Remote Entity?

Bankruptcy-remote entities, or BREs, are very common in apartment investing. Find out what you need to know.

Feb 10, 2023 | 6 min read

Getting a Multifamily Refinance: Your 2023 Guide

Our multifamily refinancing guide gets you everything you need to get started on improving your financing terms.

Feb 9, 2023 | 7 min read

Multifamily Outlook in 2023: The Sky Isn't Falling

Multifamily rent growth may be slowing, but there are many reasons to be optimistic — albeit cautious — about the year ahead.

Feb 8, 2023 | 9 min read

The Top 15 HUD Multifamily Lenders of 2023

Find out which 15 HUD lenders provided the highest volume of new loans last year with our comprehensive ranking guide.

Feb 3, 2023 | 6 min read

How to Find Multifamily Properties for Sale

Learn how to find multifamily properties for sale. Go beyond MLS listings with our comprehensive guide.

Feb 3, 2023 | 6 min read

3 Tips for Hard Money Loans for Real Estate

If you don't want to put down a large sum of money upfront to buy an apartment building, a hard money loan can be a good option — though it does have drawbacks.

Feb 2, 2023 | 5 min read

Top 10 Fannie Mae Multifamily Lenders of 2023

More than $69 billion in Fannie Mae multifamily loans closed in 2022. Find out who the top lenders were.

Jan 27, 2023 | 5 min read

4 Steps to Increase Your Apartment Building's Occupancy

Use these four common-sense approaches to fill your empty apartments and keep your current residents in place.

Jan 24, 2023 | 8 min read

The 4 Best Multifamily Loans in 2023

Which one is best depends greatly on your unique situation, but we outline four top contenders for the year.

Jan 20, 2023 | 5 min read

The Top 5 Markets for Multifamily Rent Growth in 2023

Don't expect the same level of growth as in the past two years — but there are several standout places to invest in apartment buildings in 2023.

Jan 13, 2023 | 8 min read

The Top 15 Multifamily Property Managers of 2023

Choosing the right property management company for your apartment building is critical to your investment's success. Learn who is our top property management company of 2023.

Jan 4, 2023 | 7 min read

5 Best Multifamily Investment Markets of 2023 by Growing Property Values

Diverse job markets, strong population growth, and favorable locations make these markets well worth exploring for apartment investors.

Jan 2, 2023 | 6 min read

Top 10 Multifamily Lenders of 2023

While the best multifamily lender for you depends on a wide range of factors, find out more about the 10 most active from last year.

Dec 16, 2022 | 6 min read

How to Buy a Multifamily Property With No Money: 7 Options

Apartment buildings are expensive, but there are ways to get into the sector that won't break the bank. Find out seven techniques in our guide.

Dec 15, 2022 | 5 min read

Your Guide to HUD Mortgage Insurance Premiums

If you have a HUD multifamily loan or are considering one, you need to know about HUD MIPs. Find out current MIPs for HUD loans in our guide.

Dec 14, 2022 | 10 min read

The Pros of Investing in Apartments Early

Looking for your first multifamily investment property? It pays to act sooner than later. Find out more in our guide.

Dec 13, 2022 | 5 min read

Why the CPI Doesn't Capture Rents Accurately

The Consumer Price Index has many uses, but its reliance on significantly lagged housing data regularly causes headaches for those in the multifamily industry.

Dec 12, 2022 | 6 min read

What Is a Good Cap Rate for Multifamily Properties?

Although an imperfect tool, understanding cap rates for your apartment investment is a key way of measuring potential upsides and risks.

Dec 8, 2022 | 5 min read

How to Value Multifamily Property

Understanding what goes into the valuation of your apartment building can help you improve your return on investment and assess what financing options work best for you.

Dec 5, 2022 | 13 min read

What Is Multifamily Finance? A Beginner's Guide

Read our comprehensive guide to find out what you need to know as an apartment investor to get the best out of your multifamily loan.

Dec 2, 2022 | 6 min read

Single Family vs. Multifamily Investing: A Comparative Guide

Investment in single-family homes and multifamily properties can be lucrative. Not sure where to begin? Read our guide breaking down the pros and cons of each.

Nov 30, 2022 | 3 min read

What HUD Clearing Its Backlog Means for Multifamily Investing

HUD multifamily loans, some of the most competitive financing options on the market are now able to do more, faster.

Nov 28, 2022 | 6 min read

How DSCR Loans Are Used in Multifamily Investing

Loans based solely on a property’s debt service coverage ratio can provide fast capital, but will this work for your multifamily portfolio? Find out more on our blog.

Nov 25, 2022 | 6 min read

5 Ways to Find the Best Multifamily Refinance in a Recession

Refinancing an apartment building during a recession could boost your cash flows. Find out five ways to get the right loan.

Nov 24, 2022 | 4 min read

How Non-Recourse Loans Can Benefit Multifamily Investors

Non-recourse loans are a type of financing that is often used in commercial real estate. But what exactly is a non-recourse loan? And when should multifamily real estate investors use one?

Nov 17, 2022 | 5 min read

Bank vs. Credit Union Multifamily Loans: Which Is Best?

Weighing the pros and cons of getting an apartment building loan through a bank or credit union? Check out the differences here.

Nov 15, 2022 | 3 min read

Behind Freddie Mac's Expanded SBL Link Loan

The program update allows financing for small, non-contiguous buildings in any market nationwide, provided the portfolio has at least 10 units. Find out more.

Nov 11, 2022 | 8 min read

Top 10 Metros With the Largest Housing Shortages

While investors and developers in some of the metros are working to add apartments, good opportunities exist — even in a recession.

Nov 10, 2022 | 6 min read

Why Multifamily Is Safe During a Recession

While there are no absolutes in this economy, apartment properties are some of the safest investments out there. Find out why.

Nov 10, 2022 | 5 min read

What Is Amortization?

Amortization is the process of spreading out a loan into a series of fixed payments over time, where each payment is applied to both the principal of the loan and the interest.

Nov 10, 2022 | 4 min read

Top 5 Markets for Multifamily Investment Growth

In this article, we analyzed the top multifamily markets for investment growth in the 12 months ending in September, using CBRE data.

Nov 10, 2022 | 5 min read

5 Myths about HUD-Insured Multifamily Loans

What do you know about FHA-backed loans for apartment buildings? This article dispels five of the most common myths about HUD multifamily loans.

Nov 9, 2022 | 5 min read

Why Invest in Manufactured Housing Communities

Manufactured homes are affordable, fast to construct, and regarded as recession-proof. Find out why.

Nov 9, 2022 | 6 min read

5 Ways to Avoid a Balloon Payment

Seeing a commercial loan balloon payment on the horizon can be stressful, especially if you don’t have a clear plan. Find out five ways to handle balloon payments.

Nov 7, 2022 | 9 min read

How to Renovate Your Apartment Complex

Our comprehensive guide walks you through five critical questions to ask yourself as you plan your property-wide apartment renovation project.

Nov 7, 2022 | 5 min read

4 Considerations Investors Should Have Before Using a Bridge Loan

Bridge loans can be an incredibly helpful tool for multifamily investors, providing quick access to short-term capital when needed — but here are four important things to consider before using one.

Nov 4, 2022 | 4 min read

Top 5 Financing Options for Senior Housing Facilities

In this article, we detail the most common loan programs available for financing senior housing acquisitions, constructions, or rehabilitation.

Nov 3, 2022 | 5 min read

Your Guide to Cross Collateralization in Multifamily Real Estate

Is taking a cross-collateralized loan in your best interest? Check out the main pros and cons in our short guide.

Nov 2, 2022 | 2 min read

Janover Closes Fannie Mae® Small Loan for California Apartments

The eight-unit property refinanced through the Janover platform with a non-recourse, 10-year, fixed-rate loan.

Nov 1, 2022 | 5 min read

What Is Effective Gross Income?

Effective gross income is an investment property’s potential rental income along with any other sources of income, minus any vacancy, credit, and collection losses.

Oct 27, 2022 | 4 min read

5 Real Estate Exit Strategies for Multifamily Investors

A multifamily exit strategy allows investors to have a timeline for their investments and helps them maximize their profits when they eventually sell. Here are five strategies to consider.

Oct 26, 2022 | 3 min read

What’s the Difference Between Fannie Mae® DUS and Fannie Mae® Small?

Our quick reference guide breaks down the key differences between Fannie Mae’s Small Loans and DUS programs.

Oct 26, 2022 | 5 min read

The Benefits and Risks of Interest-Only Loans in Multifamily Real Estate

Interest-only loans can help commercial real estate investors free up cash in the short term, due to lower monthly payments during the interest-only period.

Oct 20, 2022 | 4 min read

What Is the Difference Between the Freddie Mac Small Balance Loan and the Fannie Mae Small Loan?

Compare the country’s leading popular multifamily financing options under $8 million with our handy guide. While they share much in common, some key differences could make one more attractive to certain investors.

Oct 13, 2022 | 6 min read

Top 5 Small Markets for Multifamily Investing in 2022

Amid rising interest rates and a looming recession, these tertiary markets could be the optimal place for your next multifamily investment.

Oct 13, 2022 | 3 min read

The Benefits of Fixed-Rate Loans

Fixed-rate loans have the power to shield investors from rising interest rates. Learn how they accomplish this and other key benefits that fixed rate financing offers to borrowers.

Oct 11, 2022 | 8 min read

Who Are the Top Affordable Housing Developers in 2022?

Take a detailed look at the top companies adding much-needed affordable housing across the U.S. in this year’s ranking.

Oct 9, 2022 | 3 min read

Should You Sell or Refinance Your Multifamily Property?

As investors shift their strategies toward a longer-term horizon, holding properties and refinancing into a permanent loan is the most compelling investment option. Here’s why.

Oct 4, 2022 | 5 min read

Despite rising interest rates, Janover data reveals steady stream of inquiries for commercial financing

Year-to-date through August, Janover received more than $25.5 billion in multifamily loan inquiries, with demand for construction financing representing 47% of all requests.

Sep 15, 2022 | 2 min read

Replacement Reserves in Multifamily Real Estate

Replacement reserves are funds that are set aside for the periodic maintenance or replacement of a property’s structural elements and systems that wear out faster than the building itself.

Sep 13, 2022 | 5 min read

Top 5 Markets for Multifamily Investment in 2022

With rent growth beginning to decelerate in many markets, where is the best place to deploy your capital for your next apartment property?

Aug 22, 2022 | 6 min read

Top 10 Multifamily Developers of 2022

Multifamily starts experienced a 22.1% increase, climbing to 460,000 units, a level not seen since 1986, according to the NMHC.

Aug 11, 2022 | 3 min read

Why You Should Refinance Your Multifamily Property in 2023

Refinancing an investment property can help you lower your rates or tap into your equity at an ideal time.

Jul 25, 2022 | 3 min read

What Is Bridge-to-HUD Financing?

Multifamily investors can benefit from using a short-term bridge loan while applying for longer-term HUD financing.

Jul 10, 2022 | 8 min read

The Top 15 Multifamily Property Managers of 2022

Take a closer look at the top 15 multifamily management companies of 2022, which manage a combined 2.3 million units across the U.S.

Jul 4, 2022 | 2 min read

JV Breaks Ground on 350-Unit Atlanta Luxury Development

The Arts District project joins the more than 26,000 units under construction in the metro at the end of the first quarter.

Jun 30, 2022 | 2 min read

Vesper Holdings JV Buys Tampa Student Housing Community

The firm acquired the 444-bed community in a partnership with Fortress Investment Group.

Jun 30, 2022 | 5 min read

Top 4 Qualities to Look for in a Property Management Company

When looking for the right property management company for a multifamily asset, these are four characteristics investors should keep an eye out for.

Jun 28, 2022 | 2 min read

Examining Gross Rent Multiplier as an Investment Tool

Here’s a breakdown of how the gross rent multiplier can help determine whether it’s worth pursuing an investment.

Jun 23, 2022 | 4 min read

Understanding REITs and Mutual Funds: Differences, Similarities

These two types of investment share many similarities, but there are key distinctions between them.

Jun 21, 2022 | 2 min read

LCOR, Madison Secure $87M in Financing for NJ Property

The joint venture received a seven-year, floating-rate loan from PGIM Real Estate.

Jun 20, 2022 | 3 min read

A Mid-Year Reflection on U.S. Capital Markets Trends

Industry experts predicted a strong year for commercial real estate investment and lending, but volatile market conditions will likely slow down activity in the coming months.

Jun 15, 2022 | 2 min read

Miami Opportunity Zone Development Receives $61M Financing

Walker & Dunlop arranged the loan through HUD’s 221(d)(4) program.

Jun 14, 2022 | 3 min read

The Pros and Cons of Multifamily Investing

Increased cash flow is a major benefit, but high property prices might make it hard for investors to enter the multifamily market.

Jun 14, 2022 | 4 min read

Advantages and Disadvantages of Multifamily Syndication

Learn about the benefits and drawbacks facing investors regarding multifamily syndication.

Jun 9, 2022 | 2 min read

Understanding CMBS Tranches

Commercial mortgage-backed securities are often split into different tiers based on the different levels of risk and return. These tiers are known as tranches. This article explores the basics of CMBS tranches.

Jun 8, 2022 | 3 min read

How Millennials Move the Single-Family Build-To-Rent Housing Market

Popular Millennial destinations across the Sun Belt recorded the highest demand for build-to-rent single-family homes.

Jun 6, 2022 | 2 min read

Quinn Residences Grows Portfolio With 820 BTR Homes

The company has expanded its presence in Florida, Georgia, and North Carolina, also making its first acquisition in Tennessee.

Jun 2, 2022 | 6 min read

Early Considerations for First-Time Multifamily Investors

In this article we examine the many important considerations investors should make before diving head first into the multifamily investment market.

Jun 2, 2022 | 2 min read

Coastal Ridge, Goldman Sachs Buy Arizona Student Housing Community

Coastal Ridge will manage the 448-bed property in Flagstaff, Ariz.

Jun 1, 2022 | 4 min read

Understanding Different Multifamily Investment Types

Core, core plus, value-add, and opportunistic investment opportunities have different levels of risk and rates of return.

Jun 1, 2022 | 3 min read

How Tech Workers Shape the San Francisco Bay Area’s Housing Market

The region’s multifamily market recorded strong gains as tech workers continued to return to the region’s urban centers.

May 26, 2022 | 3 min read

Are Rust Belt Multifamily Markets Making a Comeback?

Although the region may often be associated with decay, several key markets are experiencing an economic revival, driving multi-housing sector growth.

May 25, 2022 | 2 min read

Westmount Buys Suburban Orlando Property in $62M Sale

In a deal arranged by Berkadia, Aspen Square Management sold The Lexington at Winter Park to Texas-based Westmount Realty Capital for $62 million.

May 23, 2022 | 2 min read

A Close-Up on Different Types of LEED Evaluation

Since its widespread adoption, LEED Certification Review now exists for both residential and commercial project types.

May 18, 2022 | 3 min read

Phoenix: A Multifamily Investment Hotspot

After a record-setting 2021, the Phoenix multifamily market continues to heat up based on key market trends.

May 18, 2022 | 2 min read

Cortland Grabs $1B D.C. Multifamily Portfolio

The investor closed on two acquisitions in Arlington, Va., with two additional properties trading soon. The full portfolio includes more than 1,500 units.

May 8, 2022 | 3 min read

The Investment Upside to Affordable Housing

Even as much of the focus remains on luxury rental properties, some investors are getting more and more into affordable housing. Here are three reasons why.

May 4, 2022 | 2 min read

Step-Down Prepayment Penalties in Commercial Real Estate

A step-down, declining, or graduated prepayment penalty is a straightforward declining payment schedule based on the remaining balance at prepayment combined with the amount of time passed since the loan’s origination — or the last rate reset.

May 3, 2022 | 2 min read

Fed Pushes Interest Rates Up by 50 BPS

The Federal Reserve announced an interest rate increase of 0.50% in the ongoing struggle against rising inflation.

Apr 12, 2022 | 5 min read

What Amenities Do Apartment Renters Really Want?

Learn about five common amenities available in today’s apartment communities that can set your property apart from the crowd.

Apr 6, 2022 | 5 min read

Top 5 Reasons to Invest in Austin's Multifamily Market

The multifamily market has been on fire for the past few years, but the Lone Star State’s capital shows few signs of stopping. Here are five considerations for investing in the Austin multifamily market.

Mar 18, 2022 | 5 min read

Benefits of Adding an Affordability Component to a Multifamily Investment

Learn the benefits of investing in multifamily properties with an affordability component.

Feb 25, 2022 | 6 min read

What is the National Multifamily Housing Council (NMHC)?

The NMHC is an active public policy group that donates to candidates that support the multifamily housing industry while advocating for a variety of policies, including the expansion of the affordable housing supply in the U.S.

Feb 4, 2022 | 5 min read

Recourse vs. Non-Recourse Commercial Loans

Non-recourse loans have lower risk to the borrower, but typically these loans have higher costs. Understand which type of loan works best for you with our guide.

Sep 15, 2021 | 3 min read

How Debt Service Coverage Ratio Is Used in Multifamily Finance

The debt service coverage ratio (DSCR) is calculated by dividing the net operating income (NOI) by the entity's annual debt service.

Jan 22, 2021 | 6 min read

The Top 10 Multifamily Law Firms in 2021

In today’s world, contracts have never been more complex and litigation has never been more common. For multifamily investors, developers, this means that acquiring quality legal counsel isn’t just a luxury-- it’s a necessity. To help you better understand your options when it comes to real estate lawyers with specific experience in multifamily real estate, we’ve compiled a list of the top 10 multifamily real estate law firms in 2019.

Jan 22, 2021 | 7 min read

The Top 15 Multifamily Property Managers of 2021

When it comes to owning or investing in multifamily real estate, hiring an effective and competent property management company is key. While there are many firms on the market, the industry is dominated by a group of major players. Check out our list.

Jan 1, 2021 | 5 min read

SOFR: The New Replacement for LIBOR

For decades, the basis of the interest rates for loans— particularly for commercial real estate loans, has been the London Interbank Offered Rate, more commonly known as LIBOR. In essence, LIBOR is the rate which banks charge each other for short-term loans. However, LIBOR is rapidly being phased out by the Secured Overnight Financing Rate, or SOFR. By 2022, LIBOR will have been completely replaced, as major banks have no longer agreed to submit rates past that point in time.

Dec 31, 2020 | 3 min read

Is Yield Maintenance Right for You?

A yield maintenance prepayment penalty guarantees that the lender will attain the same yield on the loan, even if it gets paid off before the scheduled maturity date.

Dec 31, 2020 | 7 min read

What are the Pros and Cons of Owning an Apartment Complex?

Consistent cash flow, tax incentives, and leverage are the benefits of owning an apartment complex, while filling vacancies and maintenance expenses can be challenges.

Dec 31, 2020 | 4 min read

What Is ClickPay and How Is It Used?

ClickPay allows property owners and managers to bill tenants while accepting payments via credit cards, checks, and ACH transfers.

Dec 31, 2020 | 3 min read

Understanding the Factors Impacting CMBS Rates

CMBS loan rates are generally based on the U.S. Treasury Index, plus a margin, also known as a spread, which compensates a lender for their risk and provides for their profits.

Dec 31, 2020 | 3 min read

What Is Corporate Housing?

Corporate housing can be a great way to increase your apartment building's profits, but there are some drawbacks and challenges you must be aware of.

Dec 31, 2020 | 4 min read

What Is the American Apartment Owners Association?

The American Apartment Owners Association (AAOA) is currently the largest landlord association in the United States, with more than 100,000 members. Should you join? Read about the organization along with a few others.

Dec 31, 2020 | 4 min read

What is the National Apartment Association?

The National Apartment Association (NAA) is an industry trade group for apartment owners, landlords, and investors, as well as service providers to the apartment industry. The NAA also has many local chapters, which leads to a variety of networking and partnership opportunities. In addition to landlords and investors, the NAA also attracts suppliers, builders, developers, property managers, leasing consultants, and maintenance firms.

Dec 31, 2020 | 5 min read

What is Defeasance and How Does it Work?

Defeasance refers to the replacement of the collateral of a loan with securities (generally fixed-rate government bonds) that will offer a lender an equivalent return. In many cases, borrowers will need to purchase U.S. Treasury bonds to conduct defeasance, though other types of government-backed securities may be used in some scenarios.

Dec 31, 2020 | 5 min read

What Are the Best Cities for Multifamily Investing in 2019?

Though some are concerned about an increased supply of properties on the market, as well as potential increases in interest rates, now is still an incredible time to purchase a multifamily property.

Dec 31, 2020 | 4 min read

What are the Advantages of Securitization?

Mortgage debt is the most commonly securitized asset, with common securitized products including mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS), and commercial debt obligations (CDOs).

Dec 31, 2020 | 5 min read

What Are The ADA Requirements for Multifamily Properties?

For multifamily investors and developers, it's essential to know what ADA rules may apply to their property. That way, they can steer clear of potential lawsuits and fines. Despite widespread knowledge that the Act exists, many people misunderstand the exact ways in which these regulations apply to the average multifamily property.

Dec 31, 2020 | 10 min read

The Everything Guide to the 1031 Exchange in Multifamily Investing

1031 exchanges allow a commercial property owner to offload an asset and use the equity to purchase new property, with 100% of capital gains taxes deferred.

Dec 31, 2020 | 4 min read

The Historic Tax Credit (HTC): What You Need to Know

Developers interested in rehabilitating and repurposing historic buildings may wish to look into the Historic Tax Credit, or HTC program, a federal tax credit program which provides a 20% credit against the cost of rehabilitating eligible historic structures.

Dec 31, 2020 | 4 min read

The New Markets Tax Credit (NMTC): What You Need to Know

The New Markets Tax Credit, or NMTC, is designed to encourage investment in low-income communities through the use of Certified Development Entities — specialized financial entities which must be authorized and annually re-certified by the Community Development Financial Institutions Fund (CDFI Fund).

Dec 31, 2020 | 7 min read

Who are the Top Affordable Housing Developers in the United States?

Each year, thousands of affordable housing units are developed across the United States. If you’re considering investing in affordable housing, or even developing affordable housing yourself, it’s essential to understand the market landscape. Fortunately, this April, Affordable Housing Finance issued a list of the Top 50 affordable housing developers of 2018. We’ve taken the top 10 and provided some additional color, so you can get a better understanding of today’s biggest players in the affordable housing industry.

Dec 31, 2020 | 3 min read

The Pros and Cons of CMBS Loans: A Guide

CMBS loans aren’t ideal for everyone, but they have some advantages other financing products don't. Learn more with our guide.

Dec 31, 2020 | 5 min read

Who Are the Top 10 Multifamily Developers in the United States?

With more than 300,000 multifamily units added in 2018 alone, the multifamily development industry is growing at a steady pace. And, whether you’re a multifamily real estate investor, a broker, or are a developer yourself, it’s essential to understand the overall market landscape.

Dec 31, 2020 | 7 min read

Raising Unsecured Debt In Israel: A Competitive Financing Alternative For U.S. Multifamily Developers

Israeli investors are seeing many U.S. commercial real estate companies and multifamily owners contemplating Israeli debt-based financing as an alternative avenue to obtain competitive capital. Prominent multifamily commercial real estate owners such as The Cornerstone Group, Copperline Partners, and The Related Companies are just a few of the firms with bonds currently being traded on the Tel Aviv Stock Exchange.

Dec 31, 2020 | 11 min read

Section 8 Investing: A Comprehensive Guide

Dec 31, 2020 | 4 min read

Rental Assistance Demonstration (RAD): A Guide

Rental Assistance Demonstration, or RAD, is a Department of Housing and Urban Development (HUD) program, which seeks to help investors preserve affordable housing across the U.S. To do this, the RAD program allows investors using four HUD legacy programs the ability to convert their housing into long-term Section 8 contracts. This helps investors by giving them more flexibility in terms of acquiring the financing to repair their properties, including making it easier to apply for the LIHTC (Low-Income Housing Tax Credit Program).

Dec 31, 2020 | 3 min read

Special Servicers for CMBS Loans

One potential downside to CMBS is that these loans are not serviced by the lender that originated them, and are typically placed under the supervision of separate loan servicing company referred to as master servicer. But what if things go south and a borrower defaults on their loan? That’s when another company, called a special servicer, comes in.

Dec 31, 2020 | 7 min read

Small Apartment Loans: The Best Options for Borrowers

For investors with smaller multifamily properties, loan options may seem a bit limiting. However, there are plenty of strong financing choices out there.

Dec 31, 2020 | 7 min read

Section 8 Inspections: The Rules and Requirements Landlords Need to Know

Don't let your upcoming Section.8 inspection worry you. Although they cover many areas, our comprehensive guide walks you through everything you need to pass with flying colors.

Dec 31, 2020 | 2 min read

Single Asset Single Borrower (SASB) CMBS Loans: What You Need to Know

SASB CMBS transactions involve the securitization of a single loan, which is typically collateralized by one, very large property. Single Asset Single Borrower transactions are typically based on loans of at least $200 million, and often range up to $800 million to $1 billion+. While most are collateralized by one property, SASB loans can also be collateralized by a group of cross-collateralized/cross-defaulted properties all owned by the same borrower (much like a Fannie Mae Bulk Delivery Loan or Fannie Mae Credit Facility financing, though with much less flexibility).

Dec 31, 2020 | 2 min read

Internal Rate of Return and Multifamily Real Estate Development

The internal rate of return is used to measure an investment’s performance based on the percentage rate earned on each dollar invested for each period it is invested.

Dec 31, 2020 | 5 min read

Understanding Loan Ratios in Multifamily and Commercial Real Estate

One of the primary components used by commercial real estate underwriters to determine a loan amount is leverage. Leverage is summed up and determined based on the loan to cost and loan to value ratios.

Dec 31, 2020 | 8 min read

Apartment Complex Construction Costs: Calculator + Guide for Investors

Construction costs are one of the biggest expenses a developer can face. We can help you understand how these costs are changing and how to calculate them.

Dec 31, 2020 | 2 min read

Master Servicers for CMBS Loans: What Borrowers Need to Know

Unlike a traditional bank or credit union loan, a CMBS loan is not serviced by the lender that originated the loan. A third-party loan servicing firm, known as a master servicer, will typically take on this responsibility.

Dec 31, 2020 | 2 min read

How the CMBS Securitization Process Works: A Guide

When a conduit lender issues a CMBS loan, they will pool it in with a variety of other loans in order to create a commercial mortgage-backed security. These CMBS loans are similar to bonds, in the sense that they are traded on the open market.

Dec 31, 2020 | 2 min read

LURAs: Land Use Restrictive Agreements and the LIHTC Program

If you’re a multifamily investor/developer interested in using Low Income Housing Tax Credits (LIHTCs) to fund the construction or rehabilitation of a multifamily property, you will need to agree to limit rents for a certain period of time, as well as to abide by other restrictions. All of these stipulations will be put forth in a contract called a Land Use Restrictive Agreement, or LURA.

Dec 31, 2020 | 3 min read

How Property Management Fees Work for Commercial and Multifamily Properties

Commercial and multifamily property management fees will range between 4-12% of the property’s overall rent. However, in some situations, these numbers may go as low as 3% and as high as 15%. In other cases, especially when a building is very large, a company may charge one flat, monthly fee.

Dec 31, 2020 | 4 min read

Purchase or Refinance a Multifamily Property Today

Whether you are a new borrower or are looking to refinance an existing loan, it's important that you partner with a lender like Multifamily.Loans to get you the best leverage and financing terms available.

Dec 31, 2020 | 6 min read

Going Green in Multifamily

The Fannie Mae Multifamily Green Initiative was created to provide loans for properties investing in energy efficient, cost-cutting improvements and lifestyles. The Green Initiative program allows for an increase of 5% in loan proceeds as well as a 10 basis points (bps) reduction off the all-in interest rate.

Dec 31, 2020 | 8 min read

Do You Need a Business Plan for Apartment Investing?

While to some, apartment investing may sound like a passive hobby, for most successful real estate investors, it’s a highly involved business endeavor. So, if you want to give yourself the greatest chance of succeeding in the multifamily investing game, writing an effective business plan is key. No matter the size of your potential investment, a business plan can help clarify your goals, as well as bringing potential obstacles to your attention.

Dec 31, 2020 | 3 min read

EB-5 Financing for Multifamily Real Estate Developments

While there aren’t millions of investors lining up, the program is certainly beneficial to a Chinese citizen who wishes a green card to live in the US.

Dec 31, 2020 | 6 min read

Hard Costs vs. Soft Costs for Multifamily Construction

Learn the crucial difference between hard and soft construction costs in multifamily development and how they impact profitability. Read our expert guide now.

Dec 31, 2020 | 2 min read

Freddie Mac® SBL Program

with this new program comes a new list of goodies and benefits for servicers and sellers. These benefits include a simplified pricing process, a simplified SBL insurance assessment, less documentation, a reduction in due diligence requirements and easier third party reporting. Did we mention, better pricing?

Dec 31, 2020 | 7 min read

Due Diligence for Multifamily Investing

Before you make the leap and purchase a multifamily property, you’ll need to do some homework first. In multifamily industry, this is referred to as “due diligence,” and often consists of hiring third-party service providers to inspect and/or provide reports on various parts of the property to analyze its suitability as an investment.

Dec 31, 2020 | 6 min read

How Cost Segregation Can Generate Massive Savings for Multifamily Investors

When it comes to investing in multifamily properties, investors generally want to take every reasonable measure to increase their returns. One of the most effective ways to do this is to reduce their tax bill via cost segregation, which massively speeds up the rate at which investors can claim tax deductions.

Dec 31, 2020 | 23 min read

Buying Your First Apartment Complex: An Investor Guide

An in depth guide that explores everything an investor needs to know before purchasing their first apartment building asset — including required documentation, loan options, holding strategies and much more.

Dec 31, 2020 | 6 min read

Coronavirus & Its Impact on the Multifamily Industry

COVID-19 is impacting the multifamily industry. As yields come in, spreads widen, and tenants feel pressure, what will happen to multifamily real estate and capital markets?

Dec 31, 2020 | 2 min read

CMBS Spreads: What You Need to Know

A CMBS spread, also referred to as a CMBS credit spread, is the difference between the interest rate of a CMBS loan and the underlying index on which the interest rate is based on. Since the vast majority of CMBS loans are based on the swap rate, spreads can usually be determined by taking the interest rate of a loan and subtracting the swap rate.

Dec 31, 2020 | 6 min read

Commercial and Multifamily Loan Origination in 2019

In commercial real estate, loan origination typically includes each step of the lending process, from initial application to disbursement of funds. According to the Mortgage Bankers Association (MBA), total commercial loan origination was a record $573 billion in 2018, an approximate 8% increase from the $530 billion of commercial loans originated in 2017, itself an 8% jump from the $491 billion in commercial originations reported in 2016.

Dec 31, 2020 | 6 min read

Capital Gains Taxes for Multifamily and Commercial Real Estate Investors

When it comes to investing in multifamily or commercial real estate, having an effective tax strategy is critical to your success. Otherwise, you could see a large portion of your profits consumed by an outsized tax bill. Of all the taxes an investor may need to pay as a result of their investment, none is more important than capital gains tax.

Dec 31, 2020 | 3 min read

CMBS Lenders vs. Life Companies: What You Need to Know

CMBS lenders and life companies often compete in the same space for large real estate deals. Both have significant advantages and certain disadvantages. For instance, life company loans typically offer lower rates and significantly better loan servicing, while CMBS loans are much easier to get approved for and offer benefits including interest-only periods (and even full, interest-only loans).

Dec 31, 2020 | 2 min read

Association Profile: Apartment Owners Association of California, Inc.

The Apartment Owners Association of California, Inc. (AOA) is one of the larger apartment associations in California. The organization was created in 1982 by Daniel C. Faller, who currently serves as the president of the AOA. Like many apartment associations, it offers members access to educational resources and seminars, business consultations, forms, and a variety of discounted landlord services.

Dec 31, 2020 | 2 min read

Association Profile: The Apartment Association of Greater Los Angeles

The Apartment Association Of Greater Los Angeles (AAGLA) is one of the largest apartment associations in Southern California. It is also one of the largest local affiliates of the National Apartment Association (NAA). The AAGLA, which has operated since 1917, is designed to help multifamily investors, developers, property managers, and other members of the apartment industry by providing networking, educational opportunities, and discounted landlord services as well as politically advocating on behalf of the local and national apartment industry.

Dec 31, 2020 | 2 min read

CMBS B-Pieces and The Multifamily and Commercial Lending Market

CMBS loans are among the most popular types of financing for multifamily and commercial real estate, with approximately $77 billion in CMBS financing issued in 2018 alone. As many already know, CMBS loans are designed for securitization, meaning that one borrower’s loan will generally be grouped with many others to generate a commercial mortgage-backed security, which is then sold to investors on the secondary market.

Dec 31, 2020 | 11 min read

Selecting a General Contractor for a Multifamily Construction Project

Choosing a general contractor is one of the most important decisions you’ll make. It’s essential to understand a contractor’s role, and what you need to know to select a qualified, professional contractor that will get the job done correctly.

Dec 31, 2020 | 3 min read

Cash On Cash Returns: Calculator, Risks Involved

Dec 31, 2020 | 5 min read

Agency Loans for Multifamily Properties: What Borrowers Need to Know

The government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, also known as the ‘agencies,’ provide some of the best loan terms on the market.

Dec 31, 2020 | 4 min read

Apartment Lender Inspections: What Borrowers Need to Know

In some cases, inspections may occur before a borrower is approved to purchase a property, however, in most contexts, an apartment lender inspection is for the sole purpose of monitoring progress on a construction or substantial rehabilitation/renovation project.

Dec 31, 2020 | 7 min read

What is the Opportunity Zones Program?

The Tax Cuts and Jobs Act of 2017 created a new tax incentive program to encourage capital investment in economically distressed areas of the country. Via the use of opportunity funds, corporations can attract investment into multifamily and commercial real estate, as well as stock or partnership interests in companies that operate in or do a significant amount of business in an Opportunity Zone.

Dec 31, 2020 | 4 min read

Association Profile: Apartment Association of Orange County

The Apartment Association of Orange County (AAOC) is one of the largest apartment associations in the Southern California area. It is an affiliate of the National Apartment Association (NAA), as well as an affiliate of the California Rental Housing Association (CalRHA). Just like most apartment and landlord associations, The Apartment Association of Orange County provides members access to a variety of discounted landlord services, the ability to attend networking and educational events, easy access to forms, and certain other benefits.

Sep 14, 2019 | 3 min read

Association Profile: California Apartment Association

The California Apartment Association, or CAA, is the largest apartment association in the state of California, as well as the largest state apartment association in the United States. The CAA provides a variety of benefits to members, including classes, events, and discounts on important services. It also advocates for political change on behalf of California’s apartment industry, both through direct outreach to legislators and via its political action committee (CAAPAC).

Jul 24, 2019 | 4 min read

2019 Apartment Industry Statistics: What You Need to Know

If you’re planning to expand your multifamily investments this year, it’s important to have a good understanding of the current state of the industry. By doing so, you’ll be able to make more informed choices about where to invest, how to invest, and if you should invest at all. To help you gain a better appreciation of the apartment and multifamily market this year, we’ve provided some of the most essential apartment industry statistics below.

Jun 9, 2019 | 8 min read

The Top 10 Agency Apartment Lenders of 2018-2019

In 2018, agency lenders Fannie Mae and Freddie Mac issued a combined $143 billion in multifamily loans. While Fannie Mae issued more than $65 billion in multifamily financing, Freddie Mac Multifamily issued approximately $78 billion in loans. Overall, Fannie Mae origination is slightly down from 2017, in which the agency closed more than $67 billion in multifamily financing. In contrast, Freddie Mac Multifamily saw a noticeable rise in originations, with an approximate $4.8 billion growth from 2017’s $73.2 billion, itself a nearly 30% jump from $56.8 billion in loans originated in 2016.

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