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Bridge to Agency Debt Explained for Multifamily Properties
In this video, Beau and Kevin discuss the ins-and-outs of getting a bridge to agency loan approved, the general qualifications needed, and the advantages of a bridge to agency program versus going with a regular bridge loan.
Agency debt is fantastic! Many multifamily investors evaluate properties and underwrite using an agency loan product.
What's not to appreciate about up to 80% LTV, non-recourse, and competitive rates?
However, underwriting rules for agencies are quite strict. Vacancies and delayed maintenance are scrutinized and properties must be stabilized (usually 90 percent or more occupied for at least three months).
And that's why bridge to agency debt may be your ticket!
About Kevin Leonard Kevin brings over 20 years of real estate experience to his current role at Ready Capital. Kevin leads the Charlotte, NC office and is involved in originating, structuring, and pricing Fixed Rate, Multifamily, and Bridge loans for the firm.
Prior to joining Ready Capital, Kevin held positions as President and Founder of ProClaim Medical Recovery, Inc., Managing Member and Founder of Newport Capital Partners, LLC, and Managing Member and Founder of Lucia Properties, LLC. Kevin earned a BBA from the University of Georgia with a double major in finance and accounting.