What a Tucson student-housing lender usually asks for
Bed count versus unit count
Say which number the rent roll uses. Mixing them makes occupancy look wrong.
Pre-leasing for the next year
The report dated now, for the upcoming academic year, not last August's move-in.
Who signs the lease
Student, parent, or both. That is lease credit, not the mortgage borrower.
The University of Arizona's own site and Wikipedia's article on the university both place the campus in Tucson. Purpose-built student housing and older apartments marketed to students cluster near that campus. This office does not claim a role with the university, a preferred-provider status, or any endorsement. Do not send marketing that implies we are part of campus life. We arrange a commercial mortgage for an investor.
By-the-bed leasing means the rent is a bed, not a unit. Four beds in one apartment can be four leases with four guarantors, often parents, and the economic occupancy is beds leased rather than doors leased. Pre-leasing is how full the property is for the next academic year, months before move-in. A lender that knows this product asks for that report. A lender that only knows conventional apartments may misread a summer vacancy as distress when the leases start in August. Explain the calendar in the first email.
Conventional Tucson apartments are Tucson multifamily. The city hub is Tucson. Agency execution, if the community is eligible, is agency financing, placed with a DUS or Optigo lender. We are not those lenders. A property that is not yet leased for the coming year may be Arizona bridge, sourced from private lenders. A different campus market, for comparison only, is Tempe multifamily. The statewide apartment note is multifamily. Fannie Mae's research pages are national apartment context, not a bed count.
Academic-year cash flow
Collections often bunch up at the start of the term. Summer can look empty on a conventional trailing-twelve template even when the next year is pre-leased. Ask the lender whether it underwrites beds, units, or both, and whether parental guaranties on the leases count as credit support or only as lease paper. We will not invent a pre-leasing percentage that gets a loan approved.
The borrower on the mortgage is the investor entity. The students are tenants. If the sponsor's own child lives in a bed, say so, because that fact can change how a lender reads occupancy. The loan is still not a consumer mortgage for a house the sponsor will occupy as a residence. One-to-four-unit houses pitched as student rentals are a different, smaller collateral type and are not this purpose-built conversation unless you say that is what you own.
Agency, bank, or bridge for a Tucson student property
A stabilized, well pre-leased community may be a candidate for an agency lender or a bank. Agency programs have their own rules about student housing, and the DUS or Optigo lender decides. A bank may like the sponsor relationship and dislike the turnover. A bridge fits when the property is in lease-up for the first academic year or is being renovated between terms. Life-company and conduit interest is possible only when the cash flow looks like a normal apartment, which student turnover often prevents. No path is promised.
Wikipedia's Tucson article is the city backdrop, including the university as part of the economy. It is not a housing contract. Craig Hoebing arranges the loan from Scottsdale. Capital Market Funds is not a Fannie Mae DUS lender. There is no campus office.
Tucson market context
- The university's own site
- Arizona.edu is the University of Arizona's website. It confirms the institution. It does not affiliate Capital Market Funds with the campus or approve a student-housing loan. University of Arizona
- Wikipedia's campus overview
- Wikipedia's University of Arizona article is the public overview cited here. Enrollment context is not a pre-leasing report. Wikipedia, University of Arizona
- Tucson, not a campus office
- Wikipedia's Tucson article places the university in the city. Loans are arranged from Scottsdale. There is no university office of this firm. Wikipedia, Tucson, Arizona