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Tax-Exempt Bond Credit Enhancement


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
Custom Loan Options

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

capital markets
Multifamily
Retail
Office
Hotel
Industrial

additional information
interest rate calculation
prepayment options
supplemental mortgages
Fannie Mae Tax-Exempt Bond Credit Enhancement

For all multifamily property types
Product Overview

Eligibility 
For all multifamily property types that qualify for tax-exempt bond financing

Loan Amounts
$3 million minimum. No maximum

Term/Amortization
Up to 30 year term
Up to 30 year amortization (standard)
Interest Only and 35 year amortization is available on a case-by-case basis

Interest Rates
Fixed and variable rates available.

Debt Service Coverage Ratio
Fixed: 1.20x (minimum); 1.15x (case-by-case)
Variable: 1.00x minimum at the underwriting rate

Loan to Value
Variable rate - 85% maximum
Fixed rate - 90% maximum

Interest Rate Caps
For variable rate bonds, interest rate caps must be purchased from a third-party provider for a minimum of 5 years. Structured 15 year cap is available at substantial savings.

Personal Recourse
Non-recourse with standard "Carve-Outs" and Key Principal obligations

Prepayment   Click for more information
Fee maintenance with 1% minimum

Origination Fee
1% or less when applicable

Commitment Fee
1% (refundable)

Third Party Fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and surveys may also be required.

Minimum Occupancy Requirement
90% sustained for 90 consecutive days

Replacement Reserve Impounds
Required - not less than $200/unit

Taxes and Insurance Impounds
Required

Assumability
Assumable with lender approval and a 1% fee

Taxable Tails for Additional Financing
Fixed or adjustable

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