In this episode of the Ironclad Underwriting Podcast, host Jason Williams and co-host Frank Patalano break down the primary loan types used in commercial multifamily investing.

They dive into agency debt through Fannie Mae and Freddie Mac, compare it to local bank financing and bridge loans, and share real world lessons from refinancing, assumptions, and navigating market driven underwriting standards. The conversation blends technical insight with practical experience from years in the field.

Topics Covered

• What agency loans are and how they differ from traditional bank loans

• Stabilization requirements including 90 percent occupancy for 90 days

• Debt service coverage ratios and how they vary by market size

• Why smaller markets and sub 5 million dollar loans struggle to secure agency debt

• Recourse versus non recourse loans explained in simple terms

• Assumable loans and why low interest rate debt became so valuable

• How timing within the year impacts funding availability

• Portfolio lending and why local bank relationships matter

• Loan terms, amortization schedules, and rate resets

• Bridge loans for value add strategies and heavier repositioning deals

• Interest only periods and loan to cost structures

• Real world refinance experiences and lessons learned

Memorable Quotes

• “If you're looking at a five million dollar loan in a small market, your odds are stacked against you on getting agency.”
• “If you owe the bank one million dollars, that’s your problem. If you owe the bank one hundred million dollars, that’s their problem.”

🎧 Connect with Jason:

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✅ https://IroncladUnderwriting.com

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🎧 Connect with Frank:

✅LinkedIn