NEW YORK CITY—Hunt Mortgage Group has expanded its multifamily finance capabilities with the launch of a manufactured housing finance platform.
Under the new platform, Hunt 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,” says 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 five-30 years and fixed and variable rate options are available. Supplemental loans also are available.
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