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Could This New Loan Facility Drive Multifamily Sales?

MIAMI—Silver Hill Funding is targeting a special type of borrower.

By Jennifer LeClaire | jenniferleclaire | | Updated on May 25, 2016
Downtown Miami Downtown Miami
MIAMI—The competition in the capital markets continues in Miami even as the development cycle is slowing. The latest product is the Multifamily Streamline Program for small balance commercial mortgage loans from $250,000 to $1 million. Silver Hill Funding , a direct small-balance commercial mortgage lender, just introduced the new facility. With no tax returns or 4506T required, the lender is betting this multifamily lending program will appeal to a historically underserved group of creditworthy investors who may be unable to provide sufficient income verification. Michael Boggiano , senior vice president and national sales manager for Silver Hill Funding, calls the Streamline Program a “smart solution” for a wide range of borrowers. Specifically, he points to borrowers who cannot meet traditional documentation requirements or investors whose tax returns do not accurately reflect the success of their businesses. “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,” Boggiano tells GlobeSt.com. “It is the right product at the right time for the mortgage origination industry.” Financing is available for multifamily properties that have at least five units with terms of five, seven and 10 years. Loans can be amortized up to 25 years, feature unlimited cash-outs and have no seasoning requirements. Why are investors still betting on multifamily ? Check out my recent column for answers.

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