Silver Hill Funding, a direct small-balance commercial mortgage lender, has launched its new Multifamily Streamline Program for small-balance commercial mortgage loans from $250,000 to $1 million. The lender says that this program, with no tax returns or 4506T required, appeals to a historically underserved group of creditworthy investors who may not be able to provide sufficient income verification.
According to Michael Boggiano, senior vice president and national sales manager for Silver Hill Funding, this program is a smart solution for a range of borrower types, including those who cannot meet traditional documentation requirements or investors whose tax returns do not accurately reflect the success of their businesses.
“These loans represent a significant income opportunity for mortgage brokers and other originators, thanks to the pent-up demand for small-balance commercial and the streamlined process Silver Hill has brought to the program,” says Boggiano. “It is the right product at the right time for the mortgage origination industry.”
According to the lender, financing is available for multifamily properties that have at least five units with terms of five, seven and 10 years. Loans can be amortized up to 25 years, feature unlimited cash-outs and have no seasoning requirements.