rental housing journal utah november 2015

Advertise inRental Housing Journal Utah

Circulated to over 6,000apartment owners, on-site and

maintenance personnel monthly.

Call 503-221-1260for more information

2. President’s Message

3. Director’s Message

7. Ask the Attorney

O� cial Publication of The Utah Apartment Association Utah’s Leading Advocate for the Rental Housing Industry – 888-244-0401 – WWW.UAAHQ.ORG

www.rentalhousingjournal.com • Professional Publishing, Inc

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EVENTSGood Landlord ClassSalt Lake .....................................8:30AM Dec 11th

Ogden ......................................... 8:30AM Dec 17th

www.GoodLandLordTraining.com

Tribute Awards ...................................... Feb. 12th

www.uaaTributeAwards.com

UPCOMING EVENTSGeneral Membership MeetingsNo meetings for Nov and Decwww.uaageneralmembershipmeetings.com

continued on page 5

continued on page 6

continued on page 4

FromEngland

toAmerica

Peter Harradine installed as 2016

Board chair

Peter Harradine is an immigrant to America who’s fi rst try was un-successful. “When I was 16,” Peter

says, “my younger brother and mother had already emigrated from England. I was fi nishing up my senior year of high school and the plan was for me to join them in the states once I had complet-ed my exams. However, once I made it

Top 30Management Companies

in Utah

The UAA has released a list of the Top 30 Management Companies by number of units managed

in Utah. In addition, there are 3 Utah based companies who made the NMHC largest Apartment Management Com-panies list in the US, including:

Multifamily Financing OptionsHave Never Been Better

By Paul Winterowd, Bonneville Multi-family Capital

The Mortgage Bankers Associa-tion (MBA) recently reported $195 billion worth or multifam-

ily mortgages were closed in 2014. Th is record level of volume has continued to increase in 2015. Th is is good news for multifamily borrowers because there is clearly a lot of capital in the marketplace.

Many multifamily investors with-out large scale operations are unaware of the many options available out-side the traditional banking system. Again citing the MBA survey, the bulk of multifamily loans were fund-ed by Banks and GSE’s (Fannie Mae & Freddie Mac). Th e next most common was Life Insurance Companies, then FHA and fi nally Commercial Mort-gage Backed Securities (CMBS).

Banks and credit unions are com-monplace and virtually everyone is aware they are a source of capital. However it doesn’t mean they are the only options when it comes to fi nanc-ing multifamily projects.

Government Sponsored Entities (GSE’s)

Fannie Mae and Freddie Mac are two separate sources of capital. Th eir

Name Rank UnitsApartment Management Consultants (AMC) 10th 64,441Bridge Investment Partners 39th 27,628Cottonwood Residential 49th 27,711

Advertise in Rental Housing Journal UtahCirculated to over 6,000 apartment owners, on-site and maintenance personnel monthly.Call 503-221-1260 for more information • www.rentalhousingjournal .com

48-HOUR NOTICE OF ENTRYTENANT(S): ____________________________________________________ DATE:________ADDRESS: ____________________________________________________ UNIT: _________CITY: _________________________________________ STATE: __________ ZIP: _________48-HOUR NOTICE OF ENTRYPursuant to RCW 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)______________________________________________________________________________on between the hours of and . (Date) (Time) (Time)The entry will occur for the following purpose:______________________________________________________________________________

______________________________________________________________________________ Landlord Phone

Method of Service: Personal Service: Post and Mail: ** Add one additional day for compliance if served by post and mail.

WA-RTG-40 Washington

©2009 NO PORTION of this form may be reproduced without written permission.

48-HOUR NOTICE OTENANT(S): ____________________________________________________ DADDRESS: ____________________________________________________ UNI

: _________________________________________ S

48-HOUR NOTICE OTENANT(S): ____________________________________________________ DADDRESS: ____________________________________________________ UNI

: _________________________________________ S

CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _________________Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor IN Out In Out In OutLIVING AREAS KITCHEN BEDROOM 3Walls Walls Walls

Windows Stove/Racks WindowsBlinds/Drapes Refrigerator Blinds/DrapesRods Ice Trays RodsFloor Shelves/Drawer FloorCarpet/Vinyl/Wood Disposal Light FixturesLight Fixtures Dishwasher Doors/WoodworkDoors/Woodwork Counter Tops LocksLocks Cabinets CeilingsCeilings Sink Electric OutletsElectrical Outlets FloorGarbage Cans WindowsTV Antenna/Cable Blinds/Drapes BATH ROOMFireplace

Towel BarsCleanlinessSink & Vanity

ToiletBEDROOM 1 BEDROOM 2 Tub/ShowerWalls Walls Fan (Exhaust)Windows Windows FloorBlinds/Drapes Blinds/Drapes Electric OutletsRods Rods Light FixturesFloor FloorLight Fixtures Light Fixtures Essential ServicesEssential ServicesDoors/Woodwork Doors/Woodwork PlumbingLocks Locks HeatingCeilings Ceilings ElectricityElectrical Outlets Electric Outlets Hot Water

Smoke Detectors

OR-RTG-20 Oregon

TENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNITE: ________ ZIP: ____________

F)FaiF)FaiF)Fair (P)Poor (P)PoorOut

BEDROOM 3

TENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNITE: ________ ZIP: ____________

F)FaiF)FaiOut

PET AGREEMENTTENANT INFORMATION

TENANT(S): ____________________________________________________ DATE:________ADDRESS: ____________________________________________________ UNIT: _________CITY: _________________________________________ STATE: __________ ZIP: _________

DESCRIPTION OF PET(S)

1) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________



Additional Security Deposit Required:$

AGREEMENTTenant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) understands that the additional pet(s) are not permitted unless the landlord gives tenant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises subject to the following terms and conditions:

1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the tenant’s dwelling unit. 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly. 3) Tenant(s) are responsible for the conduct of their pet(s) at all times. 4) Tenant(s) are liable for all damages caused by their pet(s). 5) Tenant(s) shall pay the additional security deposit listed above and/or their rental agreement as a condition to keeping the pet(s) listed above. 6) Tenant(s) shall not allow their pets to cause any sort of disturbance or injury to the other tenants, guests, landlord or any other persons lawfully on the premises. 7) Tenant(s) shall immediately report to landlord any type of damage or injury caused by their pet. 8) This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement shall constitute a material breach of the rental agreement.

_____________________________ ______________________________Landlord Tenant ______________________________ Tenant

nogerO 42-GTR-RO

©2011 NO PORTION of this form may be reproduced without written permission.

TE: __________ ZIP: _________48-HOUR NOTICE OF ENTF ENTF RYRYR 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)______________________________________________________________________________

______________________________________________________________________________

___________________________________________________________________________ between the hours of and .ime) (Time)

____________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________

___________________________________________________________________________

Phone

Post and Mail: * compliance if served by post and mail.

48-HOUR NOTICE O 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)___________________________________________________________________________ between the hours of (Time

The entry will occur for the following purpose:_________________________________________________________________________________________________________________________________________________________

Post and Mail: compliance if served by post and mail

BEDROOM 3alls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/WDoors/WDoors/ oodwork

Locks

Ceilings

Electric Outlets

TH ROOMowel Bars

Sink & VanityVanityV

ub/Shower

Fan (Exhaust)

Electric Outlets

Light Fixtures

Essential ServicesEssential ServicesPlumbing

48-HOUR NOTICE O 59.18.150, this is your 48 hour notice that your landlord or their agents will be

entering the dwelling unit and premises located at (Address)___________________________________________________________________________ between the hours of

The entry will occur for the following purpose:_________________________________________________________________________________________________________________________________________________________

compliance if served by post and mail

BEDROOM 3Walls

Windows

Blinds/Drapes

Rods

Floor

Light Fixtures

Doors/

Locks

Ceilings

Electric Outlets

BATH ROOMATH ROOMA

Towel BarsTowel BarsT

Sink &

ToiletToiletT

Tub/Shower

Fan (Exhaust)

Floor

Electric Outlets

Light Fixtures

Essential ServicesPlumbing

TENANT(S): ____________________________________________________ DATE:________ATE:________AADDRESS: ____________________________________________________ UNIT: _________

ATE: __________ ZIP: _________ATE: __________ ZIP: _________A

Weight ___ Color ____ Name ________Weight ___ Color ____ Name ________W



enant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) Tenant(s) Tunderstands that the additional pet(s) are not permitted unless the landlord gives ten

enant(s) agree to keep the above-listed pets in the premises

The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the

enant(s) shall promptly pick up all pet waste from the premises promptly.enant(s) are responsible for the conduct of their pet(s) at all times.enant(s) are liable for all damages caused by their pet(s).enant(s) shall pay the additional security deposit listed above and/or their rental

agreement as a condition to keeping the pet(s) listed above.enant(s) shall not allow their pets to cause any sort of disturbance or injury to the

other tenants, guests, landlord or any other persons lawfully on the premises.enant(s) shall immediately report to landlord any type of damage or injury caused by

This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement shall constitute a material breach of the rental agreement.

______________________________enant

______________________________enant

TION of this form may be reproduced without written permission.

CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _________________Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor

Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor







Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor IN Out In Out In OutLIVING AREAS

KITCHENBEDROOM 3

WallsWalls

WallsWindowsStove/Racks

WindowsBlinds/Drapes

RefrigeratorBlinds/Drapes

RodsIce Trays

RodsFloorShelves/Drawer

FloorCarpet/Vinyl/WoodDisposal

Light FixturesLight Fixtures

DishwasherDoors/Woodwork

Doors/WoodworkCounter Tops

LocksLocksCabinets

CeilingsCeilings

SinkElectric Outlets

Electrical OutletsFloor

Smoke DetectorsGarbage Cans

WindowsTV Antenna/CableBlinds/Drapes

BATH ROOMFireplace

Towel BarsCleanliness

Sink & Vanity

ToiletBEDROOM 1BEDROOM 2

Tub/ShowerWalls

WallsWindows

WA-RTG-20 Washington

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2 Rental Housing Journal Utah · November 2015

Utah Apartment Association

448 E Winchester St Ste. 460Salt Lake City, UT 84107

Ph: (801) 487-5619Fax: (801) 484-8649

www.uaahq.org

President’s Message

Cheri Goss,Board Chair, UtahApartment Association

How I Can Help Better the UAA

As I look back over 80 years of board chairs who have served the UAA, I know a single board

chair has only a brief time to infl uence the organization. Th erefore, I set goals of my own of how I could help better the Utah Apartment Association in the year 2015.

1 – Build a board culture of account-ability, contribution and ownership by assigning areas of responsibility to every board member (33 volunteers this year) and tracking progress to empower ownership of UAA’s mis-sion. Th is organization is run by the board, and I want my board members to each have ownership and an area of accountability while on the board.

• Th is year was the fi rst year that every board member had an area of responsibility or a specifi c as-signment. Th is helped engage the board in levels never seen before.

2 – Make membership growth and outreach the #1 priority of UAA lead-ership and membership. We grew another 7,000 units this year and are making membership referrals a pri-ority of the board, committees, and all members.

• Last month we held a membership appreciation event to reward refer-rers we gave a grand prize of 1,000 dollars for membership referrals. We also just received a national award for membership growth, I think the more we grow the bet-ter we can serve our industry. So I would ask each of you to help us continue to grow this coming 2016 year by referring at least one new member each to the UAA this year.

3 – Establish UAA as the go-to place for data by developing and improving

data and resources off ered by UAA including market and contact infor-mation. We already have great publi-cations and resources and I want us to continue to provide more.

• By year end we plan on releasing the fi rst quarterly rental market data report that will cover both large apartments and indepen-dent rental units. I am excited to be part of and see the progression of the UAA.

4 – Continue to provide Quality Education opportunities for apart-ment managers like Apartment All-Stars, UPRO and Good Landlord training etc.

• UAA is the only association in the country that provides apartment all-stars training for free. In addi-tion, our tradeshow education was the most attended ever. We have so many great programs I hope you will take advantage of.

5 – Create opportunities for mem-bers to have “fun” and release from

the stress of business. I personally love to have a good time and think this an important role of the association.

• Th e UAA has provided countless opportunities to release myself from the stress of business and have fun. I thoroughly enjoy the many activities and meetings the UAA provides.

I could not have accomplished these goals without the help of the 2015 board, committees, and UAA staff . It was an honor to serve the UAA as Board Chair this year. I look forward to the new heights that the 2016 Board Chair Peter Harradine will take with the UAA. I am grateful to be part of the great tradition of 80 years of vol-unteer leadership, as the UAA makes a diff erence in our business and in the lives of people in Utah.

Advertise in Rental Housing Journal UtahCirculated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information.

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3Rental Housing Journal Utah · November 2015

448 E Winchester St Ste. 460Salt Lake City, UT 84107Ph: (801) 487-5619Fax: (801) 484-8649www.uaahq.org

Utah Apartment Association

Director’s Message

L. Paul Smith, CAEExecutive Director,Utah ApartmentAssociation

You the Members Run the Utah Apartment Association

The Utah Apartment Association is classifi ed by the IRS as a “501 C-6 Trade Association”. A trade

association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specifi c industry.

According to Wikipedia. “An in-dustry trade association participates in public relations activities such as advertising, education, political do-nations, lobbying and publishing. However, its main focus is collabo-ration between companies, or stan-

dardization. Associations may off er other services, such as producing conferences, networking or charita-ble events or off ering classes or edu-cational materials. Many associations are non-profi t organizations governed by bylaws and directed by offi cers who are also members.”

Th e part I want to focus on is that this association is governed by by-laws and directed by offi cers who are also members. In November, the 2015 UAA Board will be installed. Th at board will consist of thirty-three UAA members who come from di-verse backgrounds. Th ere will be landlords who own and manage single family homes and small rent-al properties. Others will own and manage large apartments. Some will be vendors who provide products and services to the industry. Many have multiple years of experience and great

expertise in property management.And though they are a diverse

group they will unite as one entity to plan, direct and fulfi ll the mission of the Utah Apartment Association, which is that we should stay “Utah’s leading advocate and resource for the owners, real estate professionals, de-velopers, management teams, suppli-ers and service providers dedicated to quality rental housing.” On the board, no one person has more power than the other. Even the board chair has no authority to make decisions or act for the board except that granted them by the board.

Th ere will occasionally be diff erenc-es on the direction to proceed, how to allocate the precious funds of the association, and how to allocate the limited time of staff and volunteers. But they will be resolved because each board will shed any personal agenda

and learn to work as a team for the benefi t of all members. Th e UAA does have a small staff but the strategic plan, our mission and goals, and ALL major decisions are made or super-vised by the UAA board.

In addition to board members, there will be another 150 UAA members who serve on committees like govern-ment aff airs, events, membership and education. Committees also include a number of volunteers who will spend thousands of hours devoted to carry-ing out the work of the UAA.

If you would like to give input to the UAA or get involved as a board or committee member please contact any board member (they are all listed in our membership directory and on the website www.uaahq.org) or con-tact a staff member at 888-487-5619.

I would like: PRINT E-MAIL Editions: ARIZONA COLORADO PORTLAND OR

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Or mail a check to: Rental Housing Journal PO Box 30327Portland, OR 97294-3327

PublisherWill Johnson – [email protected]

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Rental Housing Journal Colorado is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in

Investing & Real Estate Investor Quarterly

w w w . r e n t a l h o u s i n g j o u r n a l . c o m

The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.

4

Rental Housing Journal Utah

Rental Housing Journal Utah · November 2015

Top 30 Management Companies ...continued from page 1

Rank Property Management Company # of Units # of Properties

1 AMC 17,495 88

2 Wasatch Premier Communities 5,252 23

3 Alliance Residential 3,767 17

4 Cornerstone Residential 3,746 26

5 Millwood Management 3,188 17

6 Cowboy Properties 3,011 19

7 EMG 2,831 29

8 Greystar 2,538 10

9 Triton Investments 2,397 16

10 Pentalon Management 2,323 14

11 Utah Nonprofi t Housing Corporation 1,951 31

12 Mission Rock Residential 1,915 11

13 Th ompson Michie Associates 1,705 7

14 Concept Property Management 1,605 48

15 NALS 1,423 3

16 Utah Property Management Associates 1,316 11

17 Th e Sellers Group 1,285 34

18 Palmer Management 1,031 3

19 Diamond J. Management 986 47

20 Western States Lodging & Management 956 8

21 Core Communities & Investments 950 26

22 Keller Investments 898 3

23 Redstone Residential 887 22

24 Danville Development Corporation 871 15

25 Peak Living 843 5

26 Treo Rentals & Sales 835 6

27 La Porte Group 801 24

28 Bridge Property Management 788 5

29 LB Hunt Management 781 18

30 Milestone Management 768 2

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From England to America ...continued from page 1

to the Denver airport the US immigra-tion people searched through all of my bags and decided that I had too much stuff to be a tourist, like I had a Visa for, so they sent me on the next plane back to England to get my visa sorted out. I had to wait another two years before I could come back and reside as a perma-nent resident and then latter becoming a citizen”.

Peter speaks with an endearing accent, one that gains him fame and attention wherever he goes. But it’s not the accent that impresses his real estate partner and father-in-law, Dave Harman Sr. with Century 21 Harman Real Estate and Harman Property Management Group. “Peter is a really hard worker,” says Dave. In fact, while Peter was dating his daughter Lisa, and finishing up his business degree, Dave saw something in him and asked him to come work for his property management business. “Over the last 10 years Peter has really learned the business well and during the last few years the business has grown tremen-dously under his leadership”, Says Dave. He adds, half-jokingly, “and now he is making me a ton of money!”

Peter impresses everyone he meets, say Gloria Froerer, NAA Board Mem-ber and past President of the UAA. “I remember the first UAA board meet-ing he came to as a young fresh and new board member. When he talks, people really pay attention. And I don’t think it’s only because of his dreamy accent,” she says. Peter has worked his way up through UAA leadership and takes the helm of the UAA Board for 2016 at a time when he is also a rising star at the NAA. He serves on multiple

committees with the National Apart-ment Association including on the Independent Rental Owner’s Council and the Next Gen committee, where he is very respected.”

Peter is a graduate of the NAA Lyce-um program, an exclusive leadership training that only allows one person from the mountain west region per year. Peter is also a Certified Apart-ment Manager.

As 2016 UAA Board Chair, Pe-ter has set a goal to put emphasis on the mission statement and repeat the UAA Mission Statement at board meetings to help remind the board and staff of what our purpose is. “I think if we are evaluating all our ac-tivities by our mission statement we

will be more effective as an organiza-tion”, he says. Peter also wants to eval-uate all UAA programs and services this year against the mission. “If what we are doing syncs with the mission,” he says,” we should keep it and ensure its success, if not then…”

As one of UAA’s strongest mem-bers in Utah County, Peter has a de-sire to grow our membership in that county. “For some reason,” he says, “Utah County is where we have the lowest market penetration of any ma-jor county in Utah. It’s also the fast-est growing county and one where we need to focus some of our member-ship growth efforts. I want to see not only staff focus more on Utah County but also all of our Utah county mem-

bers and others involved in sharing the importance of the UAA to others in the industry.”

Peter has been an effective exam-ple of this. In 2015, two of the people Peter talked to about the UAA joined and he has several others on the hook that he is reeling in. “Some people who are in our industry just don’t know what the UAA does or under-stand how important the UAA is to our personal success. We just have to educate them and ask them to be a part of us. Once people join the asso-ciation I think they soon realize what a great resource it is for them”.

Among Peters other goals as board chair in 2016, Peter wants to focus on:

• Stabilizing revenues streams and increase sponsorship income

• Boost our value proposition by increasing networking opportu-nities, generating positive press in the media, and increasing our image and credibility with govern-ment and other groups

• Continue to develop educational resources and training for main-tenance, leasing and management

“I am excited and honored to serve as board chair in 2016 and am thrilled to help continue our growth and ac-complishments,” he says.

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Advertise in Rental Housing Journal UtahCirculated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information.

6



Multifamily Financing Options ...continued from page 4

purpose is to expand the second-ary mortgage market by securitiz-ing mortgages in the form of mort-gage-backed securities (MBS). This allows more lending by reducing the reliance on locally based banks and credit unions.

Fannie & Freddie Interest rates for Multifamily properties in today’s marketplace range from 3.75% to 5% depending on variables such as Loan To Value (LTV), Debt Service Cov-erage Ratio (DSCR), location of the property, and term of the loan.

Fannie and Freddie have their nu-ances but in a general sense the two are quite similar. They both have pro-grams for purchase or refinance loans including value-add type projects, student housing, and seniors housing. Ultimately the two are competitors so it makes sense to compare pricing, sizing, and structuring options be-tween the two before picking one or the other.

A very attractive aspect of Fannie and Freddie loans is they are non-re-course loans. Borrowers familiar with banks know most bank loans come with a full recourse stipulation at-tached. Usually they like the fact the property is the only collateral against the loan rather than any and all assets the borrower possesses.

The max LTV with Fannie is 80% with a 1.25 DSCR whereas Freddie Mac is slightly more conservative at 75% LTV, 1.25 DSCR. Right now Freddie Mac rates are slightly lower,

however the underwriting process is slightly more cumbersome and can lengthen the time to fund by a week or two.

Small Balance Loan ProgramFreddie Mac has developed a fan-

tastic multifamily mortgage product for borrowers needing a loan in the $1 - $5 million range. It is called the Freddie Mac Small Balance Loan pro-gram and offers low rates (currently in the 4%-5% range depending on term, market, and LTV), minimal fees, and a streamlined process to funding in approximately 60-90 days. This is also a non-recourse loan with interest only options available.

This is a perfect loan for a stabi-lized 20-50 unit property in Utah on either a new acquisition or a refi-nance. It is even possible to pull cash out of a property of this size with substantial equity.

FHA Insured Multifamily LoansFHA is a part of The Department

of Housing & Urban Development (HUD) and also insures loans for multifamily properties. There are a lot of misconceptions about FHA multi-family loans. It is true there is more bureaucracy to negotiate when going through the FHA process for a mul-tifamily loan. There are also ongoing management stipulations that really just ensure the property continues to be well run and well maintained. Some of these regulations are unique to FHA loans but are ultimately nec-

essary to justify the low interest rates and longer terms.

The benefits of a FHA loan can eas-ily outweigh some of these challeng-es. The interest rates are currently in the mid 3% range for existing prop-erties and the low 4% range on new construction. The most compelling feature of these loans is the 35 year term and amortization (40 year on new construction).

This fully eliminates any future re-finance risk in 5, 7 or 10 years. Un-doubtedly we’re moving into a higher interest rate environment. The longer term and lower rates also reduces the monthly payment so monthly cash flows become richer. A recent com-parison of a FHA vs. GSE loan on a $10 million mortgage showed over a $90,000 per year savings with the FHA option.

Typically it doesn’t make financial sense to do a Multifamily FHA loan for loan amounts under $2.5 million because of the initial upfront work, but it can be done. FHA loans are also non-recourse mortgages.

Life Insurance Company LoansLife insurance companies are typ-

ically more conservative funders of loans. This means the borrower will need more equity in the project (max LTV’s are in the 70% range), but they do offer early rate locks and can be more flexible around funding projects that aren’t fully leased up after con-struction. Interest rates on these loans

can also be very attractive but are sub-ject to the usual constraints of LTV, DSCR, Term and quality of property.

SummaryWith regard to multifamily borrow-

ing, the important thing to realize is there are a lot of loan options out there for multifamily property owners and developers. There is a much broad-er spectrum of funding options than what the banks offer. Non-bank loan origination will typically be more cre-ative, move faster, and provide more flexible solutions around the borrow-er’s needs and unique situations.

Bonneville multifamily Capital is a Utah company who does more than just make loans: they build relation-ships that last. For more information, contact Paul Winterowd at 801-323-1053 or [email protected]

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7



Ask the Attorney

By Jeremy Shorts, Utah Eviction Law

DO• Take lots of pictures or video of the

condition of the property when you get in.

• Have a constable assist you with the lockout.

• Inventory all items left behind and follow strictly Utah’s abandon-ment laws.

• Change the locks, even of your tenant has left the keys.

The Dos and Don’ts of…

DON’T• Change the locks on your tenants

without a court order.• Shut off the utilities as a means to

lock them out.• Th reaten the tenants that the locks

will be changed at a certain time unless you have a court order that tells them they need to leave at that time. Even then, it is best to leave it up to the Constable or Sheriff .

Lockouts

LOWER MAINTENANCE COSTS AND LESS TENANT TURNOVER. GO SMOKE-FREE.

www.tobaccofreeutah.org/muh-intro.html

8



rental housing journal utah november 2015

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