Posted by cam on June 20, 2003 at 09:09:39:
Multifamily FHA loans can be obtained by national lenders such as Berkshire. Do a search for FHA 223(f) & lenders and you should get some of the lender who do these loans.
Soft seller secong merely means that the seller held second mortgage has a very weak lien position compared to the first mortgage. Language for these seconds can vary according to the state you are in, but essentially the seller has little recourse upon default of either of the first or second mortgages.
GNMA is much like FNMA (Fannie Mae), or Freddie Mac. The last time I checked, the FHA loans indexed their rates off of the GNMA index. You can also do a search for GNMA to get more info and determine what the current rates are.
The rates on these FHA loans will generally be 50-75 bps higher than a CMBS, life, pension or Wall Street conduit rate as the LTV is higher and mortgage insurance is required at 50 bps per year.
If the seller is not willing to carry a second, then your best option would be a first with mezz financing as Don had suggested.