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Consultants Resource Group, Inc. provides
consulting/brokerage services to assist the developer in
obtaining non-recourse, long term loans from
private investor/banks using
HUD Code homes as dwelling units, under FHA loan
guarantee programs. To
wit: |
1. FHA 207(m) Land Lease
Communities Only* (no sub-divisions)
-
Non-Recourse
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Combination
Construction/Permanent
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40 Year Term &
Amortization
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90% of costs inc Builders
Profit
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Fixed Rate From Construction
through Amortization
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Assumeable (1.0%
fee)
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Cooperatives
Approved
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Funds
on: Land +
Infrastructure
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TAP
Processing (Staff
Underwriting)
*
Subject to approval of "market Demand Analysis" At a Mortgagee
Arranged Pre-Application Meeting
2. FHA
221(d)4 Apartment Construction:
* Single Family
Detached/Attached
Non-Recourse
Combination
Construction/Permanent
40 Year Term &
Amortization
90% of costs + **
BSPRA
Fixed Rate from Construction
to Amortization
Assumeable (1.0%
fee)
Cooperatives
Approved
Funds On:
Land + Infrastructure + Foundation + Setup + HUD
Code Home +
MAP
Processing (Mortgagee
Underwriting)
* HUD Code Homes may be
used as the dwelling unit, if land use regulations and/or
zoning does not restrict
** BSPRA:
Builders And Sponsor's Profit And Risk Allowance (10% of
development costs less land value, applied to equity
requirements at closing)
3.
HUD Reference Documents
Base Statutory
Limits for 207m & 221(d)4:
http://www.hud.gov/offices/hsg/mfh/hicost/stats02.pdf
High Cost Percentage Modifiers for 207(m) &
221(d)4:
Approved MAP Lenders for 221(d)4
Program:
221(d)4 MAP
Processing Guide:
4. Mortgage Broker/Consulting
Services
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Assistance in understanding and applying the
program to HUD Code homes
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Preliminary Market Analysis & Economic
Feasibility before committing to Third Party Report
Fees
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Finding and negotiating with a qualified
mortgagee
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Liaison with mortgagee during "invitation" and
"application" processes
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Factory Built Home & Installation Cost
Analysis
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Marketing/leasing concepts assistance
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Note: Broker's fees do not increase overall
costs (paid by mortgagee from statutory allowable
fees)
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