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Silver Hill Funding has launched its new Multifamily Streamline Program for small-balance commercial mortgage loans from $250,000 to $1 million. With no tax returns or 4506T required, this program appeals to a historically underserved group of creditworthy investors who may be unable to provide sufficient income verification.
“We are excited to offer a program that gives mortgage origination companies an opportunity to grow their businesses and close more multifamily deals,” said Michael Boggiano, senior vice president, national sales manager for Silver Hill Funding.
According to Boggiano, the Streamline Program is a smart solution for a wide range of deserving borrower types, such as 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,” Boggiano said. “It is the right product at the right time for the mortgage origination industry.”
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.