Financing for Projects Built to Sell or Built to Hold
Commercial Mortgage Acceptance Corp. provides construction financing solutions for experienced developers undertaking multifamily, apartment, condominium and residential development projects.
Whether the business plan involves selling completed condominium units or building and stabilizing a rental property, CMAC evaluates the complete project and financing strategy. Have questions about financing? Call the CMAC Financing Assistant at (917) 809-6595
CMAC can evaluate construction financing for condominium and other residential development projects where the business plan is to construct and sell individual units. Underwriting may consider the development budget, developer experience, projected unit values, anticipated sales, project timeline, borrower equity and overall exit strategy.
CMAC can also evaluate construction financing for apartment buildings and rental communities where the business plan is to complete construction, lease the units, stabilize the property and transition to permanent financing or another appropriate exit.
Planning an apartment building, condominium development or build-to-rent community? CMAC works with experienced developers to evaluate construction financing for projects built for individual unit sales or rental and stabilization.
Discuss your development budget, timeline, borrower equity and planned exit with our team.
Call the CMAC Financing Assistant at (917) 809-6595.
CMAC evaluates construction financing for apartments, ground-up multifamily rental developments, condominium and luxury condominium construction, spec condos built for individual unit sales, townhomes and attached residential developments built for sale, build-to-rent communities, mixed-use projects with a significant residential component, and major multifamily redevelopment or conversion projects. Financing is evaluated around the project’s development plan and intended sale or rental exit.
CMAC can evaluate condominium construction loans and spec condo development financing for experienced developers building units for individual sale. Review may include the development budget, projected unit values, anticipated sales pace, developer experience, borrower equity and construction timeline. The financing strategy should address how proceeds from individual unit sales will repay the construction loan. Availability and terms depend on project underwriting.
CMAC can evaluate apartment construction financing and build-to-rent construction financing based on the development budget, developer experience, borrower equity, projected rents and construction schedule. For projects intended to be held as rentals, the financing plan should address construction, lease-up, stabilization and repayment through permanent financing or another appropriate exit. Permanent financing is evaluated separately unless specifically included in the proposed loan structure.
Land equity may be considered toward the borrower’s equity contribution, depending on the lender and loan structure. CMAC can evaluate the land’s ownership, acquisition cost, current supported value and existing liens as part of the overall project. The amount of land equity recognized and any additional cash required are determined through underwriting.
CMAC’s multifamily construction program is intended for experienced developers. Underwriting may consider completed projects, experience with similar property types and project sizes, financial capacity, and the qualifications of the general contractor and development team. Relevant experience with condominium unit sales or rental lease-up may also be considered, depending on the planned exit strategy.
The required equity contribution depends on the project, lender and financing structure. Underwriting may consider total development costs, supported property or unit values, developer experience, market conditions and the planned sale or rental exit. CMAC reviews available cash equity and any land equity that may qualify. The required contribution is determined through project-specific underwriting.
Start with the project location, unit count and mix, development budget, requested loan amount, land ownership details, plans and permit status, construction schedule, developer experience and available borrower equity. For projects built for sale, include projected unit prices and anticipated sales timing. For rental projects, include projected rents, operating expenses, lease-up assumptions and the planned permanent financing or other exit.
CMAC works with institutional and private capital relationships to evaluate financing for large multifamily and residential development projects. The appropriate capital source and loan amount depend on the development budget, location, unit count, developer experience, borrower equity and planned sale or rental exit. Share your project details with CMAC for an assessment of potential financing options.
Commercial Mortgage Acceptance Corp
40 Wall Street, 28th Floor #2868, New York, NY 10005
212-537-9200
