Multifamily financing,
sized on the rent roll.
Apartment buildings and 5+ unit properties - stabilized or value-add - arranged across agency, bank, credit-union and bridge capital, nationwide.
Multifamily is the deepest and most liquid corner of commercial real estate finance: five-plus-unit properties underwritten primarily on their net operating income, with the widest range of capital sources - agency programs for stabilized assets, banks and credit unions for smaller or local deals, and bridge lenders for value-add plans. Stonehaven Lending arranges multifamily financing as a capital advisory and brokerage, matching the property and the plan to the source whose appetite fits. Under four units? That's the DSCR desk.
What underwriting looks at.
The property carries the file.
Multifamily underwriting starts with the rent roll and the trailing operating statement, not the sponsor's tax return. Occupancy, in-place rents versus market, expense ratios, and reserves build the NOI; that number - against the lender's target coverage - sizes the loan, with loan-to-value as the ceiling. Sponsor experience and liquidity matter, but the asset does most of the talking. Our commercial calculator runs exactly that math and names which constraint binds.
Agency, bank, or bridge - matched to the plan.
Agency programs (Fannie Mae and Freddie Mac multifamily) suit stabilized properties: long fixed terms, non-recourse structures, and pricing that rewards clean occupancy history. Banks and credit unions often win smaller loans, local relationships, and deals that need flexibility on seasoning. Bridge and debt-fund capital funds the value-add plan - renovation, lease-up, repositioning - on a shorter clock, with the agency or bank loan as the exit. Which source fits is the first question we answer, and often the whole game.
Fund the plan, then refinance into the result.
Buying an under-managed building, renovating units, pushing rents to market, and refinancing on the stabilized NOI is the classic multifamily play - and it's a two-loan strategy: bridge in, permanent out. We size the exit before the entry: if the stabilized numbers don't support a takeout with margin, the bridge is a warning, not a solution. See bridge vs. permanent for the discipline.
To give an honest read.
Rent roll, trailing twelve-month operating statement, purchase contract or current debt terms, and a short sponsor summary. With those four, we can size the loan, name the likely capital source, and tell you plainly whether the deal supports the proceeds you want - within 48 hours.
Send the rent roll and the plan.
Rent roll, trailing twelve, and what you're trying to do - a capital specialist replies within 48 hours with sizing, likely sources, and honest feedback.