PR Mortgage Gets Creative!

PR Mortgage originated and closed a bridge loan through our parent company, Merchants Bank of Indiana, allowing Herman & Kittle to acquire a 378-unit apartment community located on the northeast side of Indianapolis. The MBI loan acts as a bridge to the permanent FHA-insured loan that closed in the first quarter of 2014; and has allowed our client greater flexibility on the timing of the acquisition. Through the FHA loan, the new owner plans to make moderate improvements to the property while taking advantage of a low interest rate and 35-year amortization on HUD’s non-recourse Section 223(f) loan program. The bridge loan and HUD 223(f) loan applications were processed simultaneously to ensure the HUD process could get underway as quickly as possible. Additionally, all HUD 3rd party reports were used for the bridge loan, saving our client time and money. Contact your Loan Originator today to ask how the MBI Bridge Loan Program can work for you!

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