CPC provides construction financing for all multifamily housing types, with a streamlined approval process. We will simultaneously commit a construction loan and its long-term takeout which can be committed up to 24 months in advance. This includes lending for the acquisition/refinancing and rehabilitation of multifamily occupied properties, gut renovation of vacant buildings into multifamily properties, and new construction of multi- and single-family properties.
Small multifamily buildings are at the heart of our communities and are home to millions of New Yorkers. It is integral that financing for renovation or new construction be attainable through a swift and easily navigated system. For construction loans under $1,000,000, CPC offers a simplified process to offer more flexibility and ease of use for our borrowers. Similar to CPC’s standard Construction Financing, this product takes the next step in streamlining by expediting the construction review process, cutting down on paperwork, and offering a potential for additional cost savings.
CPC lends for all types of buildings. We will simultaneously commit a construction loan and its long-term takeout which can be committed up to 24 months in advance. We also offer a forward rate-lock up to 24 months and loan terms up to 30 years, with fixed and adjustable rate loans available.
For local banks interested in investing in projects from small New York developers, CPC Direct provides opportunity for financing to borrowers looking for loans from $250,000 to $3 million. The terms of the program can be tailored to fit the institution’s investment requirements.
CPC is a long-time Seller/Servicer for Freddie Mac and offers a full range of competitively priced, reliable mortgage products for the acquisition or refinance of multifamily properties. Mortgages are available ranging from $5 million to $100 million (larger and smaller loans considered), with 5- to 10-year terms (Fixed-Rate and Floating Rate options available), 30-year maximum amortization, and Early Rate-Lock Options available for varying durations, typically ranging from 60 to 120 days until Freddie Mac purchase. Other options also may be available.
As a Freddie Mac Seller/Servicer CPC is able to offer the Small Balance Loan (SBL) product. This enables us to meet the financial needs of small multifamily rental properties by providing long-term capital with loans ranging from $1 million - $6 million in all markets; $7.5 million in top and standard markets. Lending for cooperative buildings in New York City is also available. This program offers flexible terms and prepayment options, competitive low rates, and streamlined pricing, underwriting, closing, and funding process.
CPC provides residential property financing to nonprofit agencies serving people with physical and/or mental disabilities. Working closely with federal, state, and city agencies, we offer capital funds and expertise to improve the housing situation for some of New York’s most vulnerable citizens. This includes financing for up to 100% of the project (including land, housing purchase, rehab costs, and closing costs) as well as financing for related expenses such as equipment, construction interest, taxes, and working capital for training, inventory, and staff costs. In total, CPC has provided more than $240 million in financing for supportive housing which has benefited nearly 2,000 people.
Responsible, long-term ownership of multifamily buildings can ensure that they will remain financially strong and physically sound. In underserved or changing neighborhoods this can help preserve affordability, reduce displacement, and serve as a force for stabilizing and revitalizing the community.
Our Equity Investing platform endeavors to increase CPC’s positive social impact throughout New York City and New York State by investing alongside of like-minded partners to support long-term housing preservation projects that meet our mission-driven financial and community revitalization goals.
This initiative will leverage CPC’s record as an innovative housing finance partner as well as our relationships within the affordable housing industry and with our government partners statewide. In turn, communities and owners will benefit from a source of patient equity financing that is aligned with the investment horizon and goals of well-managed affordable and workforce rental housing.