Commercial mortgages and multifamily mortgages brought to you by CFG. CFG is a real estate finance firm specializing in long-term, fixed-rate, non-recourse mortgages on commercial and multifamily properties nationwide.

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HUD Mortgages

[ HUD Mortgages ] [ Hard Money ] [ Bridge and Mezzanine Loans ]

HUD-guaranteed mortgages can be made on multifamily, assisted living facilities or hospitals through various loan programs.  There are a few major myths that most people have when it comes to these types of mortgages:

  1. HUD actually lends the money:    FALSE

    • HUD only guarantees the mortgages which are made by HUD-approved lenders

    • The lenders perform the bulk of the underwriting and look to HUD to approve the guarantee

  2. The properties need to be low-income properties:     FALSE

  • There is no restriction on the types of tenants in any of the HUD-guaranteed loan programs
  • There are also no restrictions as to the profit of the properties

  1. Loans take 9 months to a year to close:    FALSE

  • Since HUD decentralized the underwriting process to the individual lenders, loans take a similar amount of time to close as conduit transactions (90-120 days)

HUD-guaranteed mortgages are all fully-amortizing - 35 years for multifamily acquisitions or refinances, or 40 years for construction or assisted living facilities.  These loans are ideal for borrowers who would like to "put the property to bed" and not worry about refinancing, unless rates move in their favor.   In addition, the loan-to-values on HUD-guaranteed mortgages range from 85% on refinances to possibly 100% for construction.  Also, prepayment penalties are favorable, so if a borrower wants or needs to refinance, it is not cost prohibitive to do so.

CFG has recently affiliated itself with a nationally recognized HUD lender. 

 

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Judd A. Volk, President
 60 Cutter Mill Road wpe6.gif (818 bytes) Suite 402 wpe6.gif (818 bytes) Great Neck, NY 11021
(516) 466-0550 wpe6.gif (818 bytes) Fax: (516) 487-5944

 All transactions where we act as a commercial mortgage broker will be handled under the letterhead of GCP Capital Group LLC

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Last modified: February 06, 2008