Changing the multifamily mortgage strategy

by Heather Turner13 Apr 2016
Creditworthy investors who were unable obtain a loan due to insufficient income verification now have a solution thanks to Silver Hill Funding. The national small-balance commercial mortgage lender and division of Bayview Loan Servicing just announced the launch of their new Multifamily Streamline Program. The program offers small-balance commercial mortgage loans from $250,000 to $1,000,000 with no tax return or 4506T required; an appealing program for the historically underserved group.  
 
“We are excited to offer a program that gives mortgage origination companies an opportunity to grow their businesses and close more multifamily deals,” said Michael Boggiano, senior vice president – national sales manager for Silver Hill Funding.
 
The new program is a smart solution for a wide range of deserving borrower types, such as those who cannot meet traditional documentation requirements or investors whose tax returns do not accurately reflect the success of their business, according to Boggiano. Aspects of the program include the amortization of loans up to 25 years, unlimited cash-outs and no seasoning requirements. Also, multifamily properties with at least five units qualify for financing, with terms of 5, 7 and 10 years.
 
“These loans represent a significant income opportunity for mortgage brokers and other originators, thanks to the pent up demand for small-balance commercial and the streamlined process Silver Hill has brought to the program,” said Boggiano.  “It is the right product at the right time for the mortgage origination industry.”

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