Multifamily Lending in a Rising Rate Environment — What to Underwrite Now

You pulled up your underwriting model and the numbers that made sense last month don't anymore. Rates moved. Proceeds got cut. And you're not sure what assumptions to use going forward.

In this episode, Mark Kenney sits down with Brandi Shotwell — principal at Reno Capital Management and the mortgage broker he uses exclusively on Think Multifamily deals — for a real-time breakdown of what lenders are doing in the days following the Fed's 75 basis point hike, and exactly what numbers to use when underwriting multifamily right now.

In this episode you'll learn:

•       The exact underwriting inputs Brandi's lender contacts are recommending right now: 70% LTC, 5.5% bridge rate

•       How SOFR and spread determine your actual bridge loan rate — explained simply

•       Why cash flow and debt yield are now the primary drivers of how much proceeds you can get

•       Fixed rate bridge at 6–8%: when it might actually be cheaper than a rate cap

•       Where Fannie and Freddie stand — rates, leverage, and the DSCR hurdles you need to clear

•       Why 2.4% apartment vacancy and rising single family rates could drive rent growth that offsets higher capital costs

This episode was recorded the same week as Episode 113, where Mark shares his own real-time market observations from the same 48-hour window. Listen to both for the full picture.

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