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Worth Knowing · Government-insured construction/permanent mortgage

HUD/FHA 221(d)(4) Multifamily Construction/Substantial Rehab Loan

HUD/FHA 221(d)(4) Multifamily Construction/Substantial Rehab Loan is categorized in this directory under the financing form “Government-insured construction/permanent mortgage.” Typical use: Build or substantially rehabilitate multifamily. Support or collateral is generally based on Multifamily construction/substantial rehab.

What is it?

DirectLenderMatch classifies HUD/FHA 221(d)(4) Multifamily Construction/Substantial Rehab Loan under the financing form “Government-insured construction/permanent mortgage.” Its typical use in this directory is: Build or substantially rehabilitate multifamily.

How does it work?

The structure is generally evaluated, supported, or secured using the following basis: Multifamily construction/substantial rehab. Exact underwriting, eligibility, terms, and availability are provider-specific and can change.

What can it be used for?

Build or substantially rehabilitate multifamily.

What backs or supports it?

Multifamily construction/substantial rehab.

Why does this structure exist?

This structure provides a defined way to address the financing need described above. The provider, transaction, collateral, and underwriting context determine how the structure is implemented in practice.

Important considerations

Confirm current costs, risks, licensing, eligibility, collateral treatment, recourse, tax consequences, and availability directly with the provider and appropriate professional advisers. DirectLenderMatch does not compare rates or recommend products.

Is this actually a loan?

Loan or credit structure

Workbook classification: Yes. Financing forms such as leases, purchases, shared equity, advances, and guarantees may solve a funding need without being conventional loans.

Verified lenders or providers

Nationwide direct lender / agency lender

Arbor Realty Trust

Arbor currently states that it is a nationwide direct lender offering Fannie Mae, Freddie Mac, FHA and bridge multifamily loans; current closings document DUS, Freddie, FHA 223(f), FHA 221(d)(4), and bridge executions.

Official evidence page →

Last verified: 2026-08-23

Agency/HUD multifamily lender

Berkadia

Berkadia is an active national agency and HUD multifamily lender for this program family.

Official evidence page →

Last verified: 2026-08-24

Agency/HUD multifamily lender

Greystone

Greystone is an active national agency and HUD multifamily lender for this program family.

Official evidence page →

Last verified: 2026-08-24

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