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.

Commercial

Agency Multifamily

HUD 221(d)(4) (Multifamily Construction)

Name: Elite Fundings — California Mortgage Team
Address: 552 E Badillo St, Covina, CA, 91723, US
Telephone: (626) 833-7449
Price range: $$

FHA-insured construction-to-permanent multifamily financing. 40-year fully-amortizing.

Available throughout Southern California through Francisco Williams, CCIM, NMLS #1858674.

Apply for this program (626) 833-7449

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.