Biggest Lenders in BTR Space
Who are the biggest debt providers in the Build to Rent (BTR) space? Do lenders view this as traditional multifamily, which would mean the Wells Fargo, JLL, CBRE, Walker & Dunlop, etc?
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Why do you ask? Depending upon the project size, the lending would be pretty fragmented among local/regional/national banks. And, of course, only Wells above is a direct lender, so the question is a little confusing.
Underwriting is pretty similar to traditional MF, perhaps a little lower on leverage and perhaps a little higher on price, but still favorable. (Someone else can weigh in on whether or not there is agency interest here).
Our team (I’m in CM) just closed a $15mm BFR deal with Renovo. Had another quote from CoreVest but renovo blew them out of the water. Was like 60% ltv, mid 3s rate, 30yr amo with a few years IO.
Most lenders are still warming up to it but there’s definitely groups out there that will take a look
JLL team out of Houston was very helpful in sourcing debt for BTR development
Second this group
+1 JLL SFR team out of Houston has been very active in the space
There are a few debt brokerage teams across the US that specialize in BTR. The business is still super new to a lot of lenders so best to start with them. Most banks don’t know whether to put it in their CRE group or their home building group.
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