Amortizing Mortgages

Financing is available on a year round basis and/or through the Consolidated RFP. 
 

First Mortgages

LMIR
Funds may be used for the refinance, acquisition, rehabilitation or new construction/conversion of multifamily rental housing.
  • Term: Maximum of 40 years, fully amortizing.
  • Interest Rate: Fixed for term of loan.
LMIR Refinance
Funds may be used to refinance existing first mortgages. Funds are for first mortgage, fixed-rate, amortizing debt for multifamily rental housing.
  • Term: Up to 35 years and amortization. A 17 year balloon structure is also available.
  • Interest Rate: Interest rate will be published monthly. Upon receipt of a signed engagement letter, the interest rate will be held for a period of six months to allow for loan closing. The final interest rate will be fixed for the full term of the loan.
Funds may be used to refinance existing HUD Risk-share loans for multifamily rental housing.
  • Term: Up to 12 years beyond remaining term of existing Risk-share mortgage; not to exceed the original term of the original loan; not to exceed 75 percent remaining economic life.
  • Interest Rate: Will be published for each calendar quarter. Upon receipt of a signed loan application, interest rate will be held for six months to allow for loan closing. Final interest rate will be fixed for full term of the loan.
HUD 223(f)
Funds may be used for acquisition, refinance or moderate rehabilitation of multifamily rental housing.
  • Term: Maximum of 35 years, fully amortizing.
  • Interest Rate: Fixed for term of loan, determined by market conditions at time of rate lock.
HUD 221(d)(4)
Funds may be used for new construction or substantial rehabilitation of multifamily rental housing.
  • Term: Up to 36 month construction period plus 40 years (fully amortizing with interest only payable during construction period).
  • Interest Rate: Fixed for term of loan, including construction period, determined by market conditions at time of rate lock.

Other Amortizing Loans

Funds are available to facilitate the exit of the investor limited partner. Eligible borrowers must have an existing loan from Minnesota Housing and are encouraged to use a new Minnesota Housing first mortgage to pay off the outstanding first mortgage debt and the bridge loan.
  • Term: Up to 24 month balloon, payments due monthly.
  • Interest Rate: Fixed rate, interest only.

Contact

Contact Caryn Polito at 651.297.3123 to talk about our amortizing loan products and learn how to apply.