|5-15 SMALL MULTI FAMILY|
Mackinac provides hard to find financing for small multifamily properties.
If the property requires rehabing, we can add an interest only period with construction draws to the front end of a long term amortizing loan.
If the property is being converted to a condominium, Mackinac can provide an interest only term loan with partial releases. Conversion loan appraisals use the sellout value of the condominium units discounted by the carrying and sellout costs.
If the property is for investment, Mackinac provides a variety of portfolio loan products with adjustable and fixed rates. The borrower should have property management experience. NOI should cover the debt service at least 120%.