Apartment lenders offering a wide variety of lending options nationwide. Commercial Loan Direct originates multifamily mortgages for its parent company CLD Capital. CLD offers diverse and aggresively priced apartment lending programs. Our company has partnered with Fannie Mae, Freddie Mac, HUD, FHA, REITs, Conduit, banks, and select institutional investors. CLD is an apartment lender providing highly customized solutions to help meet the investment needs and requirements of its clients.

CLD's Apartment Lending Programs:

• Small apartment loans - Multifamily mortgages ($1-$5 Million)
• Mid-balance apartment loans - Multifamily mortgages ($5-$25 Million)
• Large apartment loans - Multifamily mortgages (No Maximum)

In addition to traditional multifamily mortgages CLD also provides financing for:

Seniors Housing Loans , Student Housing Loans, Affordable Housing Loans, Manufactured Housing Community Loans, Bridge Loans, and Construction Loans

Commercial Loan Direct as a correspondent of the Fannie Mae program offers fixed rate funding on apartment loans for multifamily properties. These loans are available nationwide and will be funded under the Fannie Mae Delegated Underwriting Services Program. Fannie Mae plays a critical role in the U.S. rental housing market. FNMA's original charter in 1938 provided authority to facilitate the construction and financing of economically sound apartment housing projects. In 1984, Fannie Mae created a business division dedicated to purchasing multifamily loans. Since that time, Fannie Mae has continued to provide a consistent supply of funding to the multifamily market through all market cycles.

FHA operates under HUD, which is the largest mortgage insurer in the United States. HUD administers the FHA mortgage loan programs offering long-term, non-recourse financing for multifamily, affordable apartments and cooperatives, assisted living facilities, skilled nursing facilities, seniors housing, critical access hospitals and manufactured housing communities. As a correspondent for the FHA Multifamily Accelerated Processing ("MAP") program, Commercial Loan Direct provides access to the flexibility of the HUD FHA loan programs on an expedited basis.

As other capital sources have decreased considerably, borrowers are turning to agency lending for new originations and refinancing of their apartment projects. The primary benefit of FHA is that it is a source of financing that is always available despite the volatility of the market. Commercial Loan Direct has prepared an overview of the U.S. Department of Housing and Urban Development's (HUD) FHA apartment mortgage insurance programs to help familiarize FHA loan applicants with these programs.

A portfolio or conventional loan is a loan that is made by a bank or lender that does not get sold into the secondary market i.e. Fannie Mae and Freddie Mac nor it gets packaged in a loan pool and sold in capital markets. These loans are typically made by banks and some credit unions. Because they dont sell the loan off to Freddie or Fannie, the lender can create its own lending guidelines making this product more flexible. These type of loans usually allow cash out, offer a higher leverage point, and have less restrictions. One draw back is that the bank will usually require personal guarantees from the Principals owning 20% or more of the property and would usually ask for a depository relationship from the borrower.

The Commercial Mortgage Backed Securities (CMBS) market is one of the fastest growing segments of the commercial mortgage industry. Just as not all projects fit Fannie Mae or FHA financing guidelines for qualified multifamily and health care/seniors housing, so too, not all commercial real estate can be financed utilizing the same financing structure.structure.

Commercial real estate first mortgage debt is generally broken down into two basic categories: (1) loans to be securitized ("CMBS loans") and (2) portfolio loans. Portfolio loans are originated by a lender and held on its balance sheet through maturity.

In a CMBS transaction, many single mortgage loans of varying size, property type and location are pooled and transferred to a trust. The trust issues a series of bonds that may vary in yield, duration and payment priority. Nationally recognized rating agencies then assign credit ratings to the various bond classes ranging from investment grade (AAA/Aaa through BBB-/Baa3) to below investment grade (BB+/Ba1 through B-/B3) and an unrated class which is subordinate to the lowest rated bond class.