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Notes: A Stepwise Guidebook on Signing Omb Required Forms For Hud New Construction Online

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The Definite Guide to Omb Required Forms For Hud New Construction

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Check How to Enter the Omb Required Forms For Hud New Construction

hello my name is Kyle gene I'm a.director of egg for lending here to.discuss our HUD financing programs.particularly for the construction of.apartment buildings nationwide Beck for.lending is a HUD mortgagee been around.for over 25 years we're a direct lender.so we're not a broker we're not.intermediary I'll put our contact.information in the description I'd like.to reach out to us for more information.but this video is really going to be a.brief overview of sort of a HUD.construction model and how that relates.to HUD program benefits compare contrast.with conventional or bank financing a.lot of people who come to us aren't.familiar with HUD they think of HUD only.in the sort of residential single-family.space they don't know that HUD offers.financing for apartment buildings and.healthcare facilities throughout the.country when they do their entry but.they don't know how it stacks up with.other options available so again we'll.sort of run through our first level of.due diligence here compare and contrast.between Bank and HUD and then of course.we'll always be available for any.questions at a later date so first step.first thing we need is income estimates.what's the UNAM it's going to be how.many what bedrooms two bedrooms three.bedrooms.what's your square footage is what are.your rents per square foot calculate all.that and this model I've added in a 14%.common area and this model I've really.tried to be as generic or general as.possible if you took sort of a tests of.all the deals that we're doing.throughout the country and you averaged.everything out you know your income your.expenses your construction costs your.land value even the debt associated with.that land this would sort of be a.general average of what we see so here.to have our rental income we have our.ancillary income pet fees laundry income.with HUD you can include a commercial.component as well so if you had first.for commercial or a commercial unit in.the building not only could you include.that with the HUD loan but we'd actually.underwrite and provide a larger mortgage.amount because that commercial space.reading more income for the project so.HUD 7% vacancy factor pretty standard.for market rate apartments down below I.factored in 50-100 per unit in operating.expenses and that includes everything.from management fee payroll repairs and.maintenance grounds expenses snow.removal everything 50-100 a unit so that.generates an ni of about 1.9 million.next page we break down construction.costs again these are pretty general.obviously if you're near a metro area.this will be higher if you're in a.tertiary or secondary market these will.be lower I've used two million for site.work another thirty bucks a foot for.hard costs I've thrown in some estimates.for soft costs you know your general.requirements your overhead your.accessory buildings down here.architectural fees supervisory fees a.nice part about construction interest.that you see here construction interests.is capitalized in the mortgage amount.with HUD so it's not even interest only.during construction the interest is.actually built in and it's the best of.both worlds because your have your.construction interests built into the.loan amount but your amortization or the.beginning of your loan term does not.start until certificate of occupancy so.you're not burning through two years.like you are or like you maybe with with.bank financing where you're going from a.construction loan to a permanent loan.with HUD it's construction to perm all.in one interest built in prior to the.term actually starting and then once you.have some revenue coming in and people.are coming into your units that's when.that forty year period starts so just.one of the the nicer advantages of HUD.versus conventional down here you see.the third-party costs in they are higher.than a bank I think when people see.these sometimes they're a bit surprised.but they're mortgageable and the.leverage that you receive from typically.far outweighs these costs the reason.they're higher is that your loan terms.are significantly longer with HUD than.they are with any other option.so there's an extra level of scrutiny.and due diligence done on sites markets.costs extra Torah as part of.underwriting if we get to the bottom of.stage all of that is aggregated.including what we're estimating for land.value of about 14,000 the unit that all.aggregates to a replacement costs of.about 31 million dollars which is on the.larger end of deals we see I would say.our average loan amount in the.construction space is about 10 million.to 15 million anything above 4 to 5.million is going to make sense to go.with HUD below that it becomes a little.bit tougher because you don't really get.a lot of economies of scale you're still.paying for all those third parties but.if you have a million dollar loan size.it's tougher to make it worthwhile.so next page this is how the mortgage.amount is determined very briefly the.top number here at the 29 million that's.a mortgage amount based on what a debt.coverage ratio of 1 1 7 6 can support so.HUD kind of backs into the income.mortgage amount based on debt coverage.we also here have a mortgage amount.based on costs so here's that 31 million.dollar figure times 85% gives us 26.million with HUD they lend on the lower.of the criteria so in this case your.mortgage amount would be 26 million.$235,000 estimated right here is 4.percent 4 point 2 percent which that.fluctuates daily it's hard to say today.it would be below 4 percent in the.future it may be 5 percent that's that's.a pretty good conservative benchmark to.hit as well so here's the source news.how all of that sort of water's down we.have you know development costs the debt.e associated our mortgage amount I won't.go into too much detail I'll just kind.of highlight this one box here which is.cash due at closing and then you're.going to get reimbursed HUD gives you 85.percent of loan to costs but they also.make you set aside.escrows which are not mortgage.for the fill-up period you know for your.construction contingencies for lease up.expenses that HIPAA thing they have.these escrow set aside if you need to.tap into it you can if you don't use.that typically six months after.construction is finished you get the.balance of those escrow its back which.is some case could be eighty to ninety.percent in this case we've assumed about.50 percent of the ice growers would be.returned or a forty percent so you're.all in for 1.1 million dollars.your cash flow and a seven percent.vacancy factor is 458 had a five percent.is 5/16 effectuating it's a cash on cash.return of forty five percent not.including how the asset is appreciating.your own internal rate of returns that.that varies per investor developer but.very very strong mature I'm not doing.people who will turn down forty five.percent return on investment and with.HUD to is if you're if you're a thinly.capitalized or you know you not thinly.capitalized but you can't come up with.two three four million dollars of.closing HUD allows you to structure the.investor of mortgage or entities a.variety of ways including syndicating.the funds so if you want it to be sort.of the managing member and you have a.group of investors who wanted to put up.five ten fifteen percent you could do.that with HUD and there's no minimum.networks there's no minimum FICO z' as.long as you don't have any recent.bankruptcies you're reasonably well.capitalized you know you're not super.thin on a balance sheet then you can.qualify for HUD financing HUD is.non-recourse which we'll show in a few.minutes so the borrower strength is.somewhat less important than the.underlying market fundamentals and.dynamics so how does that compare to.bank financing very simply this page.takes all the HUD fees sort of that.thirty million dollar figure that we had.for replacement costs and strips out a.bunch of the soft costs so we get down.to say twenty eight to we have the same.and a wide that we plugged in get all.demonstrative.six and a half percent cap rate gives us.that value probably 125 coverage with a.bank at the end of the day if you're at.75 percent loan to value or loan to cost.with bank construction financing and you.have to such aside reserves of five.hundred thousand one point five nine.hundred thousand kind of ballpark and.nine hundred thousand your cash required.five seven which and if we go to HUD you.were at one one four five to put it even.more simply here's what you get with a.bank would be same in my same costs same.market here's where you get with HUD.almost five billion dollars more over.five million dollars return on.investment obviously scales with that.with that increased mortgage amount with.HUD you can see the leverage you get is.higher amortization is longer it's fixed.rate so again with HUD the entire term.is fixed right now if we locked in that.rate of four point two percent or 4.percent or three point nine percent that.does not reset ten years from now it.doesn't reset 20 years from now 30 years.from now it's fixed for the entire life.of loan forty years.it's non-recourse so no personal.guarantees at all during life alone.it's a declining prepayment so there's.no yield maintenance there's no.defeasance which benefits if I show you.this page here we actually we did a.presentation to a group of investors a.couple years ago we may ended up doing.the project it was a twenty two million.dollar project and they came to us and.we were actually know quote-unquote.competing with a bank for the for the.deal and we went through the highlights.you know for your fixed-rate.non-recourse declining prepayment.assumable all of that and they got it.but they still they were concerned that.HUD would be maybe a little bit too.onerous or too restricting if they.wanted to to sell the project as some.and so we showed them this slide which.is here's your HUD loan at a four point.two rate here's you know say a bank at.six percent here's a bank at eight.percent go to the bank you're gonna have.to get a new loan every five to ten.years at best-case scenario and we seem.to be in a rising interest rate.environment at least over the next.decade so if you're locked in here this.is what you're paying and this is if you.have a bank loan you're resetting that.loan at six percent say 30-year.amortization.here's your difference in cash flow if.you take that difference in cash flow.apply a cap break to it here's what you.lost and value in that property when you.get that new loan so with HUD whether.it's a short or a long term scenario.whether you're putting this to bed for.forty years.it'll appreciate you live off the cash.flow never have to worry about it never.to think about it no personal guarantees.great or five years from now ten years.from now.it's assumable somebody wants to come in.real estate investor REIT they want to.buy it off you not only are they.eligible to buy off you you can sell it.it can be assumed but because that cash.flow is locked in with that fixed-rate.they'll give you a significant increase.in in purchase price or value for that.asset so it's a win-win for a a long or.short-term hold so again I hope that was.educational you know HUD offers great.leverage great terms feel free to reach.out to us contact information is in the.description if you have a project that.you'd like us to look at run the numbers.even if it's hypothetical it doesn't.have to be a real project at all we'd be.happy to do it we kind of pride.ourselves on our customer service our.turnaround time it's a way we've been.able to to survive for a long time in.this business so reach out we can also.discuss different options in terms of.what happens if I have affordable.tenants in place what happens if I have.tax abatements ground leases air rights.all these different scenarios we can run.through but just to know when you walk.away from this that if you've only heard.of bank finance and if you're only.familiar with bank financing HUD is.worth kind of giving another shot or.looking at because.the benefits can be significant thank.you for watching.you.

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Omb Required Forms For Hud New Construction FAQs

Check the below common queries about Omb Required Forms For Hud New Construction . Communicate with directly if you still have other queries.

Need help? Contact support

As an employer, what legal and tax forms am I required to have a new employee to fill out?

I-9, W-4, state W-4, and some sort of state new hire form. The New hire form is for dead beat parents. Don’t inform the state in time and guess what? You become personally liable for what should have been garnished from their wages. From the sound of your question I infer that you are trying to make this a DIY project. DO NOT. There are just too many things that you can F up. Seek yea a CPA or at least a payroll service YESTERDAY.

What does a builder warranty cover?

No. You may sue only for actual damages. Your convenience andpeace of mind were not warranted, and so the builder is not responsible for their failure.

How long should a builder guarantee work?

You typically will not pay off your commercial property. The goal is to get it to appreciate, take a loan against it then use that money to buy more property. Then repeat. Commercial properties are for cashflow, appreciation, and tax shelters. source: I am a CCIM candidate

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