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Permanent Financing for Near Stabilized Apartments

Permanent financing for newly constructed or recently renovated conventional and affordable apartments expected to achieve stabilized occupancy within 120 days.

Fannie Mae and Freddie Mac

Eligibility

  • Conventional and multifamily affordable housing properties
  • Partially leased, newly constructed or recently renovated communities
  • Strong borrowers with demonstrated lease-up track record
  • Properties located in strong nationwide markets

$10 million+

Term: 5, 7, 10 and 12 year options

Amortization: up to 30 years

Interest Rate: 3.5% to 4.5% (fixed and variable); interest only first 12 months with extensions

Loan to Value and DSCR:

  • Maximum “as stabilized” LTV 75% 
  • Minimum DSCR: 1.25x (1.15x for MAH)

Physical occupancy 75% at rate lock.

Full disbursement of loan proceeds at closing.

Prepayment: yield maintenance or declining schedule

Rate lock with streamlined option

Accrual: 30/360 and actual/360

Nonrecourse 

Required escrows: replacement reserve, tax and insurance 

3rd party reports: appraisal, Phase I Environmental Assessment and Property Condition Assessment

Assumable 

To get started, please click the blue Permanent Financing for Near Stablized Apartments Link for FREE PRE APPROVAL LOI within 48 business hours. With a few clicks of your mouse it TAKES LESS THAN 6 MINUTES to submit your online loan request. No upfront fees, credit cards, Social Security Numbers or credit checks required.

 

 

 

 

 

 

 

 

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