Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
Section 542(c) allows HUD and state and local housing finance agencies to provide risk-sharing arangements to assist those agencies to provide more credit and insurance for commercial housing loans.
Section 542(c) allows credit improvement for multifamily housing projects whose loans are processed, underwritten, serviced, and disposed of by HFAs. HUD and HFAs share in the risk of the mortgage. The program serves as a pilot to assess the feasibility of risk-sharing partnerships between HUD and qualified State and local HFAs in providing affordable housing.
State and local housing finance agencies participating in this program may underwrite and originate affordable housing loans. This program provides full FHA loan insurance to improve HFA bonds to investment grade.
To be eligible the HFA must: 1) carry the designation of "top tier" or its equivalent as evaluated by Standard & Poor's or another nationally recognized rating agency; or (2) receive an overall rating of "A" for the HFA for its general obligation bonds from a nationally recognized rating agency; and (3) otherwise demonstrate its capacity as a sound, well-managed agency that is experienced in financing multifamily housing; and (4) have at least 5 years experience in multifamily underwriting; and (5) be a HUD-approved multifamily mortgagee in good standing.
Eligible borrowers include public entities, investors, developers, builders, and private non-profit corporations or associations may apply to a qualified QPE and/or its lender.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
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