Permanent Rental Financing

MHP's Permanent Rental Financing Program (PRFP) provides long-term, fixed-rate financing at competitive interest rates. PRFP is available to for-profit and nonprofit borrowers in loan amounts between $250,000 and $15 million. For loans over $15 million, MHP sells participations in loans to carefully selected lenders such as Fannie Mae. This allows MHP to manage its single loan exposure and still be able to offer some of the best-priced financing available on more flexible terms, while maintaining an efficient underwriting and closing process that can be lost when doing typical loan participations. MHP financing can be used for acquisition, acquisition and rehab, refinancing, and takeout of construction loans.

Frequently, MHP financing is used to pay off and replace a construction loan upon completion and lease-up of an affordable rental project. We also provide acquisition financing for projects not needing construction loans.

PRFP is a flexible financing program that can work for a wide variety of affordable housing efforts. One example of its flexibility is that multiple buildings in close proximity may be financed with one PRFP loan. Minor renovations may be funded through a holdback of a portion of the loan at closing.

Click here to download the PRFP term sheet.

For more information, call Director of Lending David Rockwell at 617-330-9944x222