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
- 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
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
Required escrows: replacement reserve, tax and insurance
3rd party reports: appraisal, Phase I Environmental Assessment and Property Condition Assessment
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.