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Adjustable Rate Loan Financing


loan products:

fannie mae
Fixed Rate
ARM
DMBS
Tax-Exempt Bond Credit
 Enhancement

Small Mortgage
Seniors
Student
MHC
Structured ARM
DUS PLUS
Unfunded Forward Rate Lock Commitment

freddie mac
Fixed Rate
Float-to-Fixed-to-Float
Capped ARM
High-Leverage
Lease-Up Executions
Tax-Exempt Bond Credit Enhancement
Interest Only

additional information
interest rate calculation
prepayment options
supplemental mortgages
Fannie Mae Small Mortgage Loan

For standard multifamily property types
Product Overview

Eligibility
DUS quality properties excluding coops, manufactured housing communities, student housing and assisted living properties

Loan Amounts
$1.5 million minimum
$3 million maximum
$5 million maximum in eligible markets

Term/Amortization
5 to 30 year term
Up to 30 year amortization
Partial-Term Interest Only permitted on Tier 3 and Tier 4 transactions with a 10 year term or greater

Interest Rates
Fixed or adjustable

Debt Service Coverage Ratio
Fixed: 1.15x - 1.20x min. (varies by market)
ARM: 1.00x minimum

Loan to Value
75% to 80% maximum depending on market

Personal Recourse
Recourse may be required depending on loan leverage and market

Ownership Structure
Individual and cotenant borrowers are acceptable. Single asset entity is not required.

Prepayment   Click for more information
Yield Maintenance, Defeasance or Graduated Prepayment

Origination Fee
1%. $20,000 minimum.

Commitment Fee
2% refundable fee
1% available with some restrictions

Third Party
Includes legal, limited scope appraisal, engineering and environmental fees.

Minimum Occupancy Requirement
90% sustained for 90 consecutive days

Replacement Reserve Impounds
Typically waived

Taxes and Insurance Impounds
Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages   Click for more information
Available after 1 year. Up to 2 available, plus 1 more upon sale and assumption. $500,000 minimum.

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