Recent Construction Loan Sizing
Where have people seen interest rates recently on construction loans for MF? And what coverage constraints?
Where have people seen interest rates recently on construction loans for MF? And what coverage constraints?
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Frankly there has been much higher variance for rates and terms since Covid with exception for HUD. HUD rates are generally in the low 3s with 1.15 DSCR based on 40yr AM and 85% LTC (HUD UW LTC which is probably closer to 75-80% actual LTC).
Closed last month on a loan with a regional bank at 60% LTC partial recourse with a 1.25x DSCR covenant (5.5%/30Y). Pricing was in the mid 200s over LIBOR with a 100 bps floor. Really straightforward garden execution.
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