Charles Kendall is pleased to announce the opening of Kendall Realty Advisors, a correspondent for one of the largest FHA and Agency lenders in the USA.
We offer apartment construction loans using the FHA 221(d)(4) program which can lend up 90% of cost using a fixed rate construction and permanent loan with a 40 year permanent loan term.
The loans are underwritten with a minimum debt service of coverage 1.11 to 1 or (90% of N.O.I.) using the fixed rate GNMA note amount and a curtail based on a 40 year term.
The FHA 221(d)(4) program loan is based on the lower of three test:
1. Debt Service Mortgage = N.O.I. X 90% / mortgage constant
2. Cost Mortgage = Costs X 90%
3. Statutory Limits - (The statutory limits are normally not exceeded unless the development is targeting very high end renters by using high cost construction materials and build-outs.)
NEW CONSTRUCTION WAIVERS NOW AVAILABLE FOR "C.O. BUILDING" FOR FOLLOWING YEARS 2005 - 2006 -2007 -2008 new refinance waivers for buildings under EMERGENCY FHA Mortgagee Letter.
FHA 221(d)(4) Construction Loans Market Rate Housing, Affordable Housing
Chicago and Evanston, Illinois
Commercial Mortgage - Apartment - Healthcare
