Eligible Builders for HUD 221(d)(4) Properties
If you're interested in building multifamily housing, a HUD 221(d)(4) loan can be a great way to finance your project. But who exactly is eligible to build a project with this kind of HUD multifamily construction loan?
HUD 221(d)(4) Loans are Open to a Variety of Borrowers
As long the borrower/developer has requisite experience and financial credentials, and HUD approves the project, almost any reputable organization or individual is eligible for an FHA 221(d)(4) loan for multifamily construction. Eligible borrowers include:
Limited distribution mortgagors
In other words, getting HUD 221(d)(4) financing rests less on the exact type of organization doing the borrowing, and more on the organization (or individuals) track records. In addition, HUD considers the suitability and financial feasibility of the project itself, something borrowers will have to demonstrate throughout the HUD 221(d)(4) application process.