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Gomberg Financial Services specializes in financing apartments buildings.
Since our founding in June of 1998 we have closed over 425 Commercial Real Estate loans. At one point we had a correspondent relationship with LaSalle Bank of Chicago. This relationship allowed us to operate as a commercial lender using their Fannie Mae platform. We have closed over 150 Fannie Mae commercial loans.
Please click on the title of the below financing programs for more information.
Fannie Mae Small Loan Program - Now available Nationwide
Excellent Apt. financing - Up to 80% LTV for purchases, 75% LTV for cash-out refinances - 5+ units - Loan amounts from $1,000,000 to $3,000,000 - 10 yr. fixed rates with 30-year amortization. 20% Commercial influence allowed. Rates for 10-year fixed loans are currently under 5%. See specific underwriting criteria for pre-review cities and states. We have closed over 150 small commercial loans with Fannie Mae and we consider ourselves an expert in this arena. |
Bridge / Alternative Financing
Excellent option for buildings and borrowers who do not qualify for traditional bank financing. Eligible properties include multifamily, retail, office, warehouse, self-storage, mobile home parks and automotive services with minimum 75% occupancy. Loan amounts from $100,000 to $3,000,000. 2, 3 and 5 year fixed terms with interest rates from 7.5%. 75% LTV with fast turnaround times and reasonable closing costs. Minimum 600 FICO score required. |
Local Banks
Available for New England area only. Loan amounts from $250,000. Up to 70/75% LTV with rates from the mid to high 5's with up to 35-year amortization. Up to 70% LTV for cash-out refinances with just one-year seasoning required. Local banks can also offer high LTV with cross collateral and earnouts. Second mortgages are allowed by some lenders. Rehab money is available from some lenders.
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HUD 221d4 Rehab Loan Program
Available for rehab of vacant or mostly vacant apartment properties (You can also use this program on Mill and Mercantile buildings). You can finance up to 90% of both hard and soft costs. It is a straight 40-year fixed mortgage and it is non-recourse. Rates are currently in the mid 5's. You can work out prepay burnoff after 5 years. Minimum loan amount is $5,000,000.
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HUD 223-f Loan Program
Available for permanent apartment financing. Minimum loan amount is $4,000,000. Up to 85% LTV with 35-year fully amortizing fixed terms. This program with allow the seller to hold a second mortgage up to 7.5% of the purchase price for a combined LTV of up to 92.5%. Rates are currently in the low 5's. |
Fannie Mae DUS Program
Excellent Apt. financing - Up to 80% LTV - 12+ units - Loan sizes from $3,000,000 - 10 yr. fixed rates with 30-year amortization. Non-recourse terms available. Ideal for larger transactions with no more than 20% commercial influence. Rates are currently around 5.2%. |
Rooming Houses
Up to 70% LTV - Rates from the mid 7's - 3-5 year terms - 25-30 year amortization |
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