We are pleased to add this new program – that provides an array of financing products to assist owners of manufactured housing communities – to our stable of products.
New York, NY (PRWEB) September 29, 2014
Hunt Mortgage Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today that it has expanded its multifamily finance capabilities with the launch of a manufactured housing finance platform.
Under the new platform, Hunt Mortgage Group will provide permanent financing programs, offering both fixed and variable rates, through Fannie Mae DUS, Freddie Mac, and CMBS. For owners seeking bridge financing, Hunt offers floating rate short term loans via a proprietary bridge program.
“Hunt Mortgage Group is a well-known national leader in mortgage financing for conventional and affordable multifamily properties,” commented Bill Hyman, Senior Managing Director and Head of the Mortgage Banking Group at Hunt. “We are pleased to add this new program – that provides an array of financing products to assist owners of manufactured housing communities – to our stable of products.”
This is the third product launch at Hunt Mortgage Group this year. Previously the firm announced the creation of a proprietary multifamily bridge loan program, and a small loan portfolio lending program for multifamily and mixed use properties.
“We have a team of production and underwriting specialists with particular expertise in this asset class, who will work under the umbrella of our overall mortgage banking unit,” added Hyman. “To date we have provided over $400 million in financing to owners of manufactured housing and see this sector as having significant growth potential.”
The key loan terms vary by product. The Freddie Mac MHC Financing Program offers loan terms of 5, 7 and 10 years, with fixed and floating rate options for loan amounts of $1 million or greater and amortization schedules of up to 30 years, In addition, an interest only option is available, as are Early Rate lock and index lock options. Leverage of up to 75% is available for 7 year terms and longer; 70% LTV on shorter term loans.
The Fannie Mae MHC Financing Program is for existing stabilized high-quality manufactured housing that is professionally with or without age restrictions and a minimum of 50 pad sites. The program offers terms of 5-30 years and fixed and variable rates options are available. Supplemental loans are also available.
About Hunt Mortgage Group
Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a real estate finance company providing financing and investing for conventional and affordable multifamily housing throughout the United States. Hunt Mortgage Group is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Hunt Mortgage Group partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Hunt Mortgage Groupʼs core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Hunt Mortgage Group offers various CMBS executions for multifamily and other commercial properties, proprietary bridge loans and select joint venture equity products. Today the firmʼs lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Headquartered in New York City, Hunt Mortgage Group has 128 employees in 15 locations throughout the United States. To learn more about Hunt Mortgage Group, visit http://www.huntmortgagegroup.com.