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FNMA DUS® Fixed Rate Apartment Loans

$3 Million to $250 Million+ FNMA DUS®

30 Year Fixed Rate Apartment Loans

Nationwide

Refinance and cash-out up to 80% of appraised value 

Finance lower of 80% of purchase price plus rehab plus 3% closing costs or appraised value

Property types: Stabilized multifamily and cooperatives

$3 Million to $250 Million+

3.5% to 4.75% Fixed (varies with LTV, DSC ratios and location)

Fully Amortizing

Interest only available

Non-recourse

Coverage Minimum: 1.25x minimum

Borrower: single asset LLC or corporation required

Prepayment Terms: Yield Maintenance with no lockout, defeasance or fixed step-down schedules

Third Party Reports: MAI Appraisal, Physical Needs Assessment and Environmental Phase I Assessment required; Seismic Report may be required in Seismic Zones 3 and 4

Reserves: Tax and insurance escrows required; Funded Repair and Replacement escrow required based on engineer’s Physical Needs Assessment; can be waived for loans less than 65% LTV with no deferred maintenance 

Application Fee: $15,000 for 3rd party reports and processing/underwriting costs

Origination Fee: Fannie Mae minimum origination fee 1% of loan $9 million or less; $9 million to $20 million greater of 0.8 percent or $90,000; Fees decrease for larger loans; Origination can be charged “outside” of interest rate or built into the rate

Legal Fees: $8,000 to $12,000 varying with deal characteristics 

Timing: 45-60 days from application to commitment; dependent on 3rd party report timing and borrower loan doc submission 

Rate Lock after commitment issued; Streamlined Rate Lock available within 3-4 weeks of application

Assumable subject to lender approval of proposed replacement borrower; 1% assumption fee to Fannie Mae and includeds $3,000 processing fee to cover lender underwriting expenses

Let’s Move your project forward…

Please click blue FNMA Fixed Rate Multifamily Loan Link for FREE PRE APPROVAL LOI within 24 business hours. With a few clicks of your mouse it TAKES LESS THAN 3 MINUTES TO GET STARTED NOW. No upfront fees, credit cards, Social Security Numbers or credit checks required.

 

 

 

 

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