According to The National Multifamily Housing council, as of 2012, Connecticut had over 340,000+ residents that lived in a multifamily building. That is more than ten percent of the state of Connecticut’s overall population. In the city of New Haven, the vacancy rate as of the end of 2013 was 2.2% which was the lowest of the metro areas in the U.S ( tracked by Reis, inc.) The average rent rose 2.5% to $1154. It’s quite obvious that being the owner of a multifamily apartment building in Connecticut is a very strong business to be in.
At RSA Funding we have added a new multifamily mortgage program for those customers who are interested in financing a multifamily apartment building with 5 units or more. The maximum loan to value for these properties is 80% for a purchase or rate and term refinance. The maximum loan to value for a cash out refinance is 75%. The minimum credit score for this program is 680 and the minimum loan size is 750k.
Rates for this multifamily mortgage program start in the low 4% range for a 5yr fixed term and go up from there for longer terms. All are based on a 30yr amortization.
For more information please contact us today:
34-3 Shunpike Rd. #223
855-485-FUND ( 3863)