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Construction and Permanent Lenders

The listings on this page are provided as a free service to affordable housing community funding recipients.

The information contained on this page is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy securities. Novogradac does not provide investment advice and these listings are not to be construed as a recommendation to engage in a transaction with a particular party. 

The information below is based solely on information provided to Novogradac by the listed contact person for each company and Novogradac is not responsible for any inaccurate or out of date information in these listings. Companies utilizing this free listing are solely responsible for obtaining necessary clearances from their compliance departments. Novogradac will not be liable for any loss or damage that may arise as a result of the use of the information contained herein. This website provides links to websites owned by other parties. The content of such sites is not within Novogradac’s control; Novogradac cannot take responsibility for the information or content thereon.

To be included in this list, please contact [email protected]. This will be used in our online listings, as well as our Novogradac Journal of Tax Credits print edition.

Lender Name / Contact Person Loan Type / Loan Term Current Rate / Fees & Points DSCR / LTV Ratio

Align Finance Partners
Steven Fayne
415.421.0506

Mezz / Construction Bridge / Permanent Loans / 501(c)3 Bonds / Essential Purpose Bonds

Full term interest only; 30 year bond term with mandatory redemption in year 17 or 18

Varies

Varies

1.15x IO

Up to 90%

Bank of America

401.278.6469

Const. / TE / Bridge / Equity / LIHTC / NMTC / HTC / Term Loans / Multifamily

Up to 35 Yrs.

Variable / Fixed

Varies

1.15 min.

Up to 90%

Barings Multifamily Capital LLC
Daron Tubian
212.878.6050
Email

Permanent Financing for: Acquisition, Balance Sheet, GSE, FHA, Taxable Loans, Tax-Exempt, Private Placements Public Offerings

18 - 40 Yrs.

Call for Information

Call for Information

1.15

90%

BBVA
Justin Paradise
214.600.3472

Construction Permanent Tax-exempt/Taxable

Up to 30 months

Up to 18 years

1.15x

80%

Bedfor Lending
Joe Carmen
646.543.2170

Const./Term Loans for Affordable Housing Developments

Fixed, Based on Treasuries/Varies

Fixed, Based on Treasuries/Varies

Up to 40 Yrs.

Up to 90%

Bellwether Enterprise Real Estate Capital LLC
Ben Nichols
216.505.6014

FHA/HUD USDA/ Fannie Mae/Freddie Mac/ LIHTC/ Bridge/ New Construction/ Rehab & Perm Loans/

Call for Information

Varies

1.11 min.

Up to 90%

Berkeley Point Capital
Tom Cassidy
267.465.7525
Email

LIHTC / New Const., Rehab. and Perm. Loans / HUD / FHA / Fannie Mae / Freddie Mac / Taxable and Tax Exempt Bonds / Bridge / CMBS / Life / Equity

Up to 40 Yrs.

Varies

Varies

As low as 1.05

Up to 90%

Bonneville MultiFamily Capital
Rob Hall
801.323.1000

USDA 538 / FHA 221d4 & 223f/ Construction/perm/ Perm only/ Forward Commitment/

Up to 40 years

Varies

Varies

1.15 Minimum USDA1.11 Minimum FHA

Up to 90%

Boston Capital Finance
Bill Fazano
617.624.8511
Email

Construction and Fixed Rate Forward Permanent Financing

Construction 24 months, Permanent 15 or 16 Years / 35-40 year Amortizations

Call to Inquire

Call to Inquire

1.15

85%

CA Housing Finance Agency
Kate Ferguson
916.326.8800

Call for Information

Call for Information

Call for Information

Call for Information

1.15

85%

California Community Reinvestment Corporation (CCRC)
Aaron Smith
818.550.9811
Email

Permanent Financing: 9% LIHTC – Taxable / 4% LIHTC - Tax-Exempt / Fannie Mae

Typically 15-18 years (longer terms considered)

Fixed, based on 10-Yr Treasury + spread (call for information)

Typically 1.00%, plus legal and third-party costs

1.15

Up to 85%

Capital One Bank
Laura Bailey
713.435.5321
Email

Const. and Term Loans for Affordable Housing Dev.

Const. 18-30 months; Term 15 years, 30 year amort., forward rate lock

LIBOR + 275-325 bp

100 bp + rate lock fee 50-100 bps

Varies

Up to 90%

CBRE
Jim Flinn
206.664.9313
Email

Fannie Mae Freddie Mac HUD/FHA

Up to 40 Years

Treasury Based

Varies

Varies

Up to 90%

Century Housing Corporation
Josh Hamilton
310.642.2030
Email

Acq. / Const. / Predev. / Bridge

12-48 Mos.

Variable / Fixed

Varies

Call for Information

75%-90%

Chase
Laurie Perez
585.797.2807
Email

Const. / Bridge / LC / NMTC / Perms / TE Bonds Acquisition

Const. 36 mos; Perm. up to 18 yrs

Variable / Fixed

Varies

Varies

Up to 80%

Churchill Stateside Group
Keith Gloeckl
727.233.0564
Email

HUD MAP, USDA 538, Fannie Mae, Const., Perm., Forward Commitment, Insurance Company / CMBS

Up to 40 Yrs.

Variable / Fixed, Treasury based

Call for Information

Varies

Varies

Cinnaire Lending
Sarah Greenberg
312.957.7245

Acq/Predev/Bridge/Term/Mini-Term/Perm

Up to 18 yrs.

Variable based on loan type

1% of origination fee plus legal fees & 3rd party costs

As low as 1.10

Up to 90%

Citi Community Capital
Barry Krinsky
561.347.3254
Email

Taxable/ Tax-Exempt/ Acquisition/ Moderate Rehab/ Substantial Rehab/ New Construction/ Permanent/ Balance Sheet/ Fannie Mae/ Freddie Mac/ Private Placements/ Investment Banking/ Re-marketing for public offerings

Short-Term to 35 years

Varies

As low as 1.10

Up to 90%

Citizens One Home Loans
Troy Yarolimek
920.809.0094

Fixed 30 / Once Close Construction to Perm / Full Renovation

30 Years

Short-Term / Long-Term

Varies

As low as 1.10

Up to 90%

Citizens Union Bank
Tammy Thomas
502.647.7412
Email

Const. / Bridge / TE

Up to 24 Mo.

Varies

Varies

As low as 1.10

Up to 90%

Community Lenders
Audrey McMichael
215.799.1340

Long term perm loans for affordable housing developments

LIHTC - Up to 35 years/ Forward Commitment

Varies

Based on Treasury’s fixed-rate life of loan

Min 1.10x

Up to 80%

Davis-Penn Mortgage Co.
Ray Landry
281.481.2400
Email

Const. / Perm.; 221(d)4 & 223(f)

35-40 Yrs.

Fixed

Negotiable

As low as 1.10

Up to 90%

Dougherty Mortgage LLC
Tim Larkin
612.317.2100

Const. / Perm.;Fannie Mae/FHA/USDA

5 Yrs. To 40 Yrs.

Call for information

Varies

1.11 min.

Up to 90%

Fallbrook Loan Fund
Christian Albacarys
818-657-6123
Email

Construction to Perm - 40 year amort. Private Placement Tax Exempt Bonds Construction to Fannie/Freddie/HUD Tax Credit Bridge Loans

Call to inquire

Call to inquire

1.15 / up to 95%

N/A / 90%

Grandbridge Real Estate Capital
Justin Ginsberg
212.326.3125

FNMA DUS / Freddie Mac / FHA / Perm. / Fwd. / TE / Taxable

5-40 Yrs.

Call to request

Varies

1.10-1.20

Up to 90%

Great Southern Bank
Jenn Kanne
402.758.8712

Bridge / Const. / Perm. / Rehab

2 Yr. Const./15 Yrs. Perm.

Fixed / Variable

.75% Bridge / Const., 1% Perm.

1.10-1.20

Up to 90%

Greystone Servicing Corporation Inc.
Betsy Vartanian
770.392.9340
Email

Fannie Mae and Freddie Mac, FHA Programs, Taxable and Tax Exempt, Bond Credit Enh.

5-30 Yrs. Fannie Mae, 35-40 Yrs. FHA

Treasury Based

Varies

1.10-1.20

Up to 90%

INB
Anthony Johnson
636.730.2522
Email

Predevelopment / Construction / Acquisition

Up to 24 months

Varies

Varies

1.10-1.20

Up to 90%

KeyBank Real Estate Capital
Al Beaumariage
214.540.9129

Fannie Mae / Freddie Mac / FHA / CDT / Life Co. / Conduit / Perm / Forward / Bridge / Cons.

18-36 Mos. 15-18 Yrs. 30-,35-,40-yr Amort.

Variable / Fixed

1%-3%

1.15-1.20x

90%

Legacy Bank and Trust
Brett Magers
417.753.4343
Email

Construction / Perm / Bridge / Direct Purchase

Up to 24 months construction; Up to 18 years perm

Varies

.5% - 2%

1.15x

80%- 85%

Love Funding
Jonathan Camps
202.887.1825
Email

HUD / FHA -- New Const. / Rehab. and Perm. Loans; bridge

Up to 35 yrs. Perm. Loans Up to 40 yrs. NC/SR Loans

Varies

Varies

1.15x

80%- 85%

Lument
Paul Weissman
303.504.6239

Fannie Mae, Freddie Mac and FHA / HUD programs; taxable and tax-exempt; bridge

Up to 40 yrs.

Variable/Fixed

Varies

1.15x

80%- 85%

M1 Bank
McLane Poteet
314.721.2265

Predevelopment/Const./Rehab/Bridge

Up to 30 Mo.

Variable/Fixed

Varies

None

75%-100%

Merchants Capital
Dwayne George
202.794.6022

Bridge, Construction, Perm Loans, LIHTC Equity Bridge Loan

Bridge: Up to 48 months; Construction: Up to 42 months; Perm Up to 40 years

Varies

Varies

1.10x-1.25x

Up to 90% LTV, or 85% LTC

NorthMarq
Paul Cairns
952.356.0083
Email

LIHTC/New Construction, Rehabilitation and Permanent Loans/ HUD/FHA/Fannie Mae/Freddie Mac/Taxable and Tax Exempt Bonds/ Bridge/CMBS/Life/Equity

Up to 40 yrs.

Varies

Varies

1.10x-1.25x

Up to 90% LTV, or 85% LTC

Pacific Western Bank
Dan Bronfman
310.779.7729

Affordable Housing nationwide, primarily focused on CA, CO, NC Construction-to-Perm/ 9% LIHTCs Taxable Loans/ 4% LIHTCs - Tax-Exempt & Taxable Loans/ Other - Refinance & Recycled Bonds

Construction: varies, typically up to 36 months Permanent: varies, typically 15/17 years, amort. 35 yrs.

SOFR/10-Yr. Tres. + spread

Varies (Typically 1.00%, plus legal and 3rd party costs)

1.10x-1.25x

Up to 90% LTV, or 85% LTC

Paragon Mortgage Corporation
Jason Israel
602.347.6726

HUD / FHA New Const. / Rehab.; Fannie Mae / Freddie Mac

Up to 40 Yrs.

Varies

Negotiable

1.10x-1.25x

Up to 90% LTV, or 85% LTC

Pembrook Capital Management LLC
Terence F. Baydala
212.906.8688

Const. / Fixed / Bridge / Mezz / Pref. Eq.

Up to 60 Mo. Const. & Bridge / 18/30 Yrs. Perm.

Fixed / Variable

Varies

1.15 min.

Up to 90%

PGIM Real Estate
Stephanie Wiggins
571.357.7820

Fannie Mae, Freddie Mac and FHA programs, Taxable and Tax Exempt, Fixed & Floating

FNMA: 5-30 Yrs; FHA: 35-40 Yrs

Treasury (fixed) and avg. 30-day SOFR-based (variable)

Varies

Down to 1.15x (Agency, New Tax Credits); Down to 1.20x (Agency, Preservation); Down to 1.111x (FHA)

Up to 90% (Agency, New Tax Credits); Up to 80% (Agency, Preservation); Up to 90% (FHA)

PNC Real Estate
W. Thomas Booher
415.733.1500
Email

Fannie Mae / Freddie Mac / FHA Perm. / Const. / Rehab / Fwd Commit. LIHTC / TEB and Taxable Financings / Sec. 8 / Sec. 236 IRP Decouplings

Up to 40 Yrs.

N/A

Varies

Down to 1.15x (Agency, New Tax Credits); Down to 1.20x (Agency, Preservation);Down to 1.111x (FHA)

Up to 90% (Agency, New Tax Credits);  Up to 80% (Agency, Preservation);  Up to 90% (FHA)

R4 Capital Funding
Jim Spound
646.844.0935

40 yr. amort

17 yr. term

Variable/Fixed

1.0%-1.5% all-in for constr. & perm

1.15x 1.20x

LTV as Stabilized with LIHTC 65%

RBC Capital Markets
Helen Feinberg
727.895.8895

Tax Exempt Bond Financing

1-40 Yrs.

Variable / Fixed

Varies

1.15+

75%-90%

Red Stone Partners
Ryan Sfreddo
212.297.1800

Tax-Exempt / Const. / Perm. / Fixed-Rate

Up to 40 Yrs.

Fixed

1%-2%

1.15-1.20

80%-90%

Regions Bank
David Payne
214.220.6171
Email

Const. / HUD / Freddie / Fannie Perm. Loans

24 mo. const. period; will consider open-ended transactions

Variable / Fixed

1%-1.5%

1.15-1.20

80%-90%

RICHMAC Funding, Inc.
Mathew Wambua
212.938.0498

Fannie Mae, Freddie Mac, FHA Programs, Taxable and Tax Exempt, Bond Credit Enh.

Up to 40 years

Treasury Based, Variable and Fixed

Varies

1.11x min

Up to 90%

Rockhall Funding
BJ Taylor
214.763.6996

Const. / Term Loans for Aff. Housing Dev.

Up to 40 years

Fixed, based on treasuries

Fixed, based on treasuries

1.11x min

Up to 90%

Rockport Mortgage Corporation
Dan Lyons
978.675.2002

FHA-Insured (acquisition, new const., rehab. and refinance)

Up to 35 yrs. for purchase or refinance; Up to 40 yrs. for new const. or sub rehab

Varies

Fixed Rate

Varies; 1.11 to 1.20

Varies; 80-90%

Rocky Mountain Community Reinvestment Corporation
Natasha Pfeiffer
801.366.0400

LIHTC Perm / Forward Commitment and Immediate Close

10-16 yrs with up to 40-year amortization

Treasury Based

1%-1.5%

1.15-1.20x

80%

Stearns Bank N.A.
Dave Feriancek
320.258.4810
Email

Const. / Predev. / Bridge

Up to 30 Mo.

Variable / Fixed

1%-2%

None

75%-100%

Sterling Bank
Philip Minden
314.571.5610
Email

Const. / Perm / Bridge / Predev. / Direct Purchase / Tax Exempt

Up to 24 months const. Up to 18 years perm.

Variable / Fixed

1%-2%

1.15-1.25

80%-85%

Stifel
John Rucker
334.834.5100
Email

Tax Exempt / Taxable Bond Financing

Up to 40 yrs.

Variable / Fixed

Varies

1.15+

Up to 90%

SunTrust Community Capital
Paul Woodworth
404.230.5516
Email

Const. / Perm. / Bridge / TE / Direct Purchase Tax Exempt

Up to 36 Mos Const. / 18/30 Yrs Perm

Variable / Fixed

Varies

Varies

Up to 90%

Systima Capital Management, LLC
Nick Balow
614.381.6966
Email

Mezz/Pref Equity JV Equity 501c3 bonds Bridge Loans Tax-Exempt Construction to Perm Taxable Perm

Call/email for more information

Call/email for more information

Varies

Up to 90%

The Community Development Trust
Christopher Blair
212.271.5073
Email

Permanent Financing for 4% and 9% LIHTC Properties / 30+ month forward periods / Taxable Loans, Tax Exempt Bonds, Subordinate Loans

Terms Up to 30 years, Amortization up to 40 years

Fixed Rate off 10-year Treasury

Call for Information

1.15x

Up to 90% Restricted Value

U.S. Bancorp Community Development Corporation
Dan Smith
612.222.9073
Email

Const./ Perm/ LCs/ Direct Purchase/ Tax-exempt

Up to 36 Mos / Const/18/35 Yrs Perm

Fixed / Variable

.75-1.75

1.15

80%-85%

Walker & Dunlop
John Ducey
301.215.5500

Fannie / Freddie / FHA / Life Insurance Company / CMBS / Acquisition / Refinance / Const. / Perm. / Bridge

1-40 years

Call for Information

Varies

Varies

Up to 90 %

Wells Fargo Community Lending and Investment
John Epstein
503.886.2587
Email

Const. / Perm. / Bridge / TE / Taxable / L / C's / Credit Enh. / Fannie Mae / Freddie / FHA

Const. up to 30 months; Perm. up to 30 years

Variable / Fixed

Varies

Varies

Up to 90%

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