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Seniors Housing Loan Program


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 Seniors Housing

For senior housing properties including IL, AL, and AL with Alzheimer’s
Product Overview

Eligibility
Properties classified as Independent Living/Congregate Care and Assisted Living. Facilities with more than 20% skilled nursing units are not eligible.

Loan Amounts
$5 million minimum. No maximum.

Term/Amortization
10 to 30 year terms
30 year amortization
Interest Only available

Interest Rates
Fixed and adjustable rates available

Debt Service Coverage Ratio
1.30x min (IL )
1.40x min (AL/ALZ)
Waiver considered for special circumstances

Loan to Value

75% maximum (standard)
80% maximum (tax-exempt bonds)

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

Prepayment   Click for more information
Yield/fee maintenance, defeasance or graduated prepayment

Origination Fee
1% or less when applicable

Commitment Fee
2% (refundable)

Third Party Fees
Includes legal, appraisal, engineering, environmental, regulatory compliance and consultants reports. Seismic reports and survey may also be required.

Minimum Occupancy Requirement
Sustained occupancy below 90% will be considered on a case-by-case basis.
– 90% sustained for 12 months for IL
– 90% sustained for 15 months for AL and ALZ

Replacement Reserve Impounds
Required - not less than $300/unit

Taxes and Insurance Impounds
Required

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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