Commercial
Agency Multifamily
HUD 221(d)(4) (Multifamily Construction)
FHA-insured construction-to-permanent multifamily financing. 40-year fully-amortizing.
Available through Elite Fundings, a DBA of Vismar Corporation, NMLS #2046870.
We don't originate this product. If you're financing a house or 2–4 unit, call the office.
Ideal borrower
Multifamily developers seeking max leverage and longest term.
Program highlights
- 40-year fully-amortizing
- Up to 87% LTC
- Non-recourse
Typical uses
- Multifamily ground-up development
Frequently asked questions
- When do we use HUD 221(d)(4) instead of 223(f)?
- 221(d)(4) is for substantial rehab or new multifamily construction. 223(f) is for existing, typically lighter-touch acquisition/refi. Wrong program choice wastes months.
- Can 221(d)(4) finance new apartment construction in California?
- Yes, for eligible projects that clear HUD feasibility, costs, and market demand tests. Early concept review saves sponsors from non-starters.
Program details shown are representative guidelines and subject to individual lender overlays and CFPB / agency requirements. Rates shown are illustrative and subject to change without notice. Actual rate, APR, and terms will depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors. Not all applicants will qualify.