Information on HUD loan for apartment building purchase

[John Chapman]

Has anyone ever had a HUD loan for the purchase of an apartment building? I'm not if they are direct lenders or if they just issue guarantees to a lending bank. I'm looking at a loan of about 1.1M for the purchase of a 1.5M apartment building. Thanks for providing any experiences you have had with HUD loans.

[Eric Schleif]

On an acquisition you can close with a lender that will offer you a bridge loan to HUD, but it will be very difficult to get a lender to offer this product on the loan size you are describing. Also, HUD loans don't usually make fiscal sense under $10 million. Agency would be a much better route. Feel free to PM to discuss the deal in further detail.