Multifamily (MFR) Financing: Falkirk Capital

[Bruce Scannell]

I’m looking to refinance a 26 unit apartment property using Fannie Mae/Freddie Mac and I’m getting assistance from Falkirk Capital. Has anyone else on BP used their services to do something similar? If so, how was your experience?

Thanks, Bruce

[John Brady]

Bruce,

I work for CBRE, we did the most small balance Freddie Mac loans in 2017 out of any lender and can help you with any questions you may have. Even though the broker will eventually go to CB, Arbor, etc., it is really up to the direct lender on how the process goes as they are the ones that will do the actual underwriting and who you will be in contact with most. Also, while I agree there are positives of using a broker, your rate/closing costs will always be higher since there is a middle man so it never hurts to get a quote from a direct lender. Typical closing costs, at least for us are about $6k for the 3rd parties and around $4k for legal. 

Also, it depends on the location of the property, but we are quoting SBL properties around a 4.7% interest rate. If your rate is above 5%, you are really getting taken advantage of.