Atlanta-based Commercial Loan Direct, a business division of CLD Capital, has announced the availability of a new apartment bridge loan product that is designed for the acquisition and stabilization of apartment buildings, with the goal of being taken out by CLD's Fannie Mae product.
CLD Capital says that it is seeking to expand the eligibility of borrowers for Fannie Mae products in the small-apartment arena by offering apartment bridge loans from $1.5 million to $5 million.
‘The purpose of this bridge loan is to stabilize an existing apartment complex and, upon stabilization refinance with CLD's Fannie Mae product, allow the borrower to take advantage of Fannie Mae's terms, low rates and non-recourse options,’ says Fernando Martin, executive vice president.
