Bank Capital
A bank path can be considered in relation to the asset, sponsor, recourse expectations and relationship requirements.
02 / Multifamily
Financing across the multifamily lifecycle.
From acquisition and refinance to bridge, value-add, construction and permanent capital, Duke sources and structures financing around the asset, sponsor and strategy.
Financing by Strategy
The plan shapes the capital.
Duke evaluates the transaction and sources an appropriate financing path. These are possible structures, not commitments or guaranteed options.
- 01
Acquisition
Evaluate purchase financing against current operations, property condition, sponsor capacity and the intended hold or improvement plan.
- 02
Refinance
Review existing debt, supported cash flow, value and the purpose of new capital, including a change in term or capital structure.
- 03
Bridge
Consider transitional financing when an asset needs time for renovation, lease-up or stabilization before a sale or longer-term financing review.
- 04
Value-Add
Align the acquisition basis, capital improvements, operating plan and eventual exit with a structure that can accommodate the transition.
- 05
Construction / Rehab
Assess project scope, budget, sponsor experience and a credible completion and stabilization plan for ground-up or substantial rehabilitation.
- 06
Permanent Capital
Compare longer-term paths for an operating asset once its income, condition and business plan support an appropriate review.
Financing by Capital Source
Compare channels, then choose a structure.
Source selection follows the asset and sponsor. Duke connects clients with appropriate lenders and capital sources; availability and terms are reviewed deal by deal.
Agency
Agency financing is one possible path for eligible multifamily assets. Fit depends on the property, sponsor and current program underwriting.
HUD/FHA
Government-insured programs can be considered for eligible multifamily acquisition, refinance, rehabilitation or construction scenarios, subject to program review.
Transitional / Private
Bridge and other private capital sources may fit a business plan that needs renovation, lease-up or another defined transition.
Other Institutional Paths
Depending on the transaction, Duke may evaluate other appropriate capital-market structures rather than assume one source fits every asset.
Bridge / Value-Add Pathway
Plan the transition and the exit together.
A bridge-to-permanent strategy starts with an improvement or stabilization plan. The later refinance or sale must stand on its own underwriting; neither outcome is assured.
- 01 / ENTRY
Acquire or refinance
Establish the asset basis, existing income, required capital and sponsor plan.
- 02 / TRANSITION
Improve and stabilize
Track scope, budget, occupancy and operating performance against the business plan.
- 03 / EXIT REVIEW
Refinance or sell
Reassess supported NOI, value and available financing or sale path when the asset is ready.
Agency / HUD-FHA Context
Program fit is a separate review.
Duke provides capital advisory and brokerage support. Agency and HUD/FHA financing involve their own requirements and appropriate originating lenders; a strategy discussion is not an eligibility decision.
01 / Agency
Operating-asset financing.
Agency paths can be considered for eligible multifamily assets when the property’s operations and sponsor support applicable underwriting. Duke compares the path with other suitable capital sources.
02 / HUD-FHA
Government-insured context.
HUD/FHA programs can be evaluated for eligible acquisition, refinance, rehabilitation or construction scenarios. Program selection and lender review depend on the specific project and current requirements.
Underwriting Lens
Read the income and the plan.
No single metric decides a deal. Duke reviews supported numbers alongside property operations, sponsor capacity and the proposed exit.
- NOINet Operating Income
- Property income after operating expenses and before debt service, using supported operating information and applicable underwriting adjustments.
- DSCRDebt-Service Coverage Ratio
- A comparison of underwritten NOI with debt service. The income and debt-service basis can vary by financing structure.
- Debt YieldIncome Relative to Debt
- Underwritten NOI divided by the proposed loan amount; a way to examine property cash flow relative to the debt request.
- LTVLoan-to-Value
- The proposed loan amount compared with a supported property value. Valuation, condition and financing structure matter.
Beyond the ratios
Occupancy and rent roll, sponsor experience and liquidity, property condition, improvement scope, market support, the business plan and a credible sale or refinance exit all shape review. Underwriting conventions vary by capital source.
Common Scenarios
A starting point for the conversation.
These are educational scenario categories, not closed Duke transactions or offers of financing.
Stabilized acquisition
An operating asset with a supported rent roll and expenses calls for a comparison of acquisition capital and longer-term hold options.
Value-add acquisition
A renovation and leasing plan may call for transitional capital, a realistic improvement budget and a separate exit review.
Bridge to permanent
An asset with a defined stabilization plan may be reviewed for bridge financing first and a possible permanent path later; a refinance is never assumed.
Refinance or recapitalization
For an existing property, examine current debt, operations, valuation and intended use of proceeds before selecting a capital path.
Construction or substantial rehab
A project review starts with site, scope, budget, sponsor capacity, completion plan and the proposed stabilization or sale exit.
How We Work
From scenario to execution.
Duke structures the request and coordinates with appropriate lenders and capital sources. Learn more about our approach to deal review.
- 01
Understand
Review operating history, property condition, sponsor experience, requested capital, business plan and intended exit.
- 02
Structure
Compare suitable bank, agency, HUD/FHA, bridge or other capital paths as the scenario and current underwriting allow.
- 03
Execute
Prepare a clear lender presentation and coordinate term review, diligence and next steps with appropriate capital sources.
Common Questions
Before the capital review.
How does Duke choose between bridge and permanent financing?
Duke evaluates the property’s current operations, condition, business plan and intended exit. Transitional financing can be considered when work remains; permanent financing depends on supported operations and a separate review.
Does an agency or HUD/FHA path fit every multifamily property?
No. Eligibility and available structures depend on the asset, sponsor, transaction and current program requirements. Duke evaluates fit and coordinates with appropriate lenders or capital sources; Duke is not an agency or HUD lender.
What is the difference between NOI and DSCR?
NOI describes property income after operating expenses and before debt service. DSCR compares underwritten NOI with debt service. Actual calculations and adjustments depend on the capital source.
Does a bridge loan guarantee a refinance?
No. A bridge-to-permanent plan needs an independently supportable exit. Occupancy, income, property condition, valuation and future underwriting can change before a refinance review.
What should I bring to an initial review?
Start with the property and transaction summary, current rent roll and operating information if available, requested financing, sponsor background, improvement budget if relevant and proposed exit.
Begin a Conversation
Bring us the asset and the strategy.
Discuss the transaction, current operations, capital need and proposed exit with Duke by phone or email.