What is a Multifamily Property?

Multifamily properties in Jacksonville are a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. Sometimes units in a multifamily residential building in Jacksonville are condos, where typically the units are owned individually rather than leased from a single building owner.

Jacksonville Multifamily Lender

Jacksonville Multifamily Loans & Financing

If you're looking into purchasing an apartment complex or other multifamily property w/ 5+ units, you will generally need a multifamily loan. Qualifying for multifamily financing is generally much different than a traditional mortgage on your personal home.

Qualifying for Multifamily Loans in Jacksonville

Qualifying for a multi-family loan will often differ lender to lender. However, a few similar requirements are common to the multifamily financing process. Typically, you need a down payment of at least 20% but it could be much more if there are areas of concern to a lender, such as a building that needs major repairs. In addition, Jacksonville multifamily loans have higher interest rates than traditional, single-family loans. Qualifying for a multifamily loan might depend solely on the income the property generates or, for smaller buildings, you might be required to qualify on the merits of your personal credit history and score. Below are the specific requirements we require here at CIVIC for Jacksonville Multifamily loans.

General Guidelines

  • Non-Bank
  • Direct Lender
  • 5-100 Units
  • AZ, CA, CO, FL, GA, HI, NC, NV, OR, SC, TN, TX, UT, VA, WA
  • No Minimum DSCR Requirements on in place income
  • Interest Only Payments
  • Quick Closings 5-17 days
  • Interest rate based on experience & FICO
  • Non-Recourse with standard “bad-boy” carve outs

Value-Add Program

  • No minimum DSCR requirements
  • Up to 80% Loan to Cost
  • Fast Turn Times on Draw Requests
  • Earn-Outs provided
  • Bank Turn downs
  • Fannie and Freddie Fallouts
  • Speed and Leverage

Lending Guidelines

ELIGIBLE LOCATIONSMSA’s within the U.S. and current markets approved by CIVIC
PROPERTY TYPESMultifamily 5-100 Units
LOAN AMOUNT$500k to $10MM
LOAN TERM1, 2 and 3 year loans
AMORTIZATIONInterest Only
LOAN TO VALUEUp to 80% Loan to Cost and maximum 75% LTV of stabilized value
DSCRStabilized Minimum 1.15x DSCR underwritten cash flow using prevailing rates at market rents
PROCESSING FEE & EXPENSE DEPOSIT$5,000 Third Party Deposit Fee to cover actual 3rd party report cost (appraisal, PCA, Environmental, seismic, and site visit, if applicable)
RESERVESExtensive Rehab Loans/No Rehab Advance: 6 months interest + 100% of rehab budget
Extensive Rehab Loans/Rehab Advance: 6 months interest + 20% of rehab budget
No Rehab or Stabilized loans: 4 months interest
SPONSOR / BORROWERCreditworthy individual(s) or entity acceptable to Lender with sufficient liquidity and net worth
BORROWING ENTITYLLC, Corp, Trusts - SPE (single purpose LLC) may be required on some loans
RECOURSENon-recourse, with the exception of industry standard “bad boy” carve outs
ASSUMABLENo
PREPAYMENT1yr loans: no prepayment penalty | 2yr loans: 8 months interest guarantee | 3yr loans: 12 month prepayment penalty
Loan Status