Leading Multifamily Mortgage Lender Now Offers 40-year Mortgage
Long-term Financing Tool to Benefit Affordable Housing Developers
Columbia, Md. (April 19, 2007) –Enterprise Community Investment, Inc. (Enterprise) announced today its new Targeted Extended Amortization Mortgage (TEAM) product, a permanent financing tool for the new construction, substantial renovation or refinancing of affordable multifamily financing. Enterprise is a national leader in affordable housing finance and community development.
"We are very pleased to offer a long-term financing product designed to help our customers leverage greater loan funds to achieve their housing development goals," said C. Lamar Seats, senior vice president of Enterprise Community Investment’s multifamily mortgage division. "This product provides an additional resource for developers seeking to finance affordable housing and limit the impact of funding gaps on their projects," said Seats.
Enterprise’s TEAM loan provides a forward rate lock from 18 months up to two years, and converts to a taxable permanent loan with an amortization of 40 years and a term of 20 - 25 years. The product’s longer-term amortization offers borrowers higher loan proceeds, and TEAM loans are fully assumable, require no personal liability and offer a long-term fixed interest rate locked at, or just prior to, construction loan closing. The loan commitment converts to permanent financing when the project reaches 90 percent occupancy and achieves stable net operating income and debt service coverage for 90 days.
To date, Enterprise has closed three TEAM loans to finance the construction of Valley View, a 102-unit apartment and townhouse community and HOPE VI development in Cleveland, Ohio; Rainer View, 49 affordable homes for seniors in Fife, Wash.; and Brookstone Place, 25 two-, three- and four-bedroom units for families in Baton Rouge, La.
Enterprise is a veteran provider of permanent financing for affordable multifamily rental housing. The company’s 30-year mortgage product, using the Fannie Mae DUS product line, has resulted in a lending portfolio of over $400 million and 14,000 affordable apartments and homes. In addition to the new TEAM mortgage, Enterprise offers developers:
Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Over the last 25 years, Enterprise has privately raised more than $7 billion to finance more than 200,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of nearly $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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