Stabilized Multifamily Fannie Mae and Freddie Mac loans
5.75%+ Fixed | 10 Years | 30 Year Amortization
FNMA & Freddie Mac SBL Program rate lock with application
Multifamily, mixed-use, mobile home parks, affordable, student, assisted living & skilled nursing care (for mixed-use, commercial space limited to 25% of net rentable area and 20% of effective gross income)
Cash-out, refinance or purchase
Nationwide (population and location requirements may restrict availability)
SBL small balance program from $1.75 Million to $6 Million has easier underwriting requirements than larger $6 Million to $100 Million+ loans
No upfront fees underwriting pricing and sizing loans; no application or 3rd party fees (such as appraisals) until borrower signs FHA-Hud, Fannie Mae or Freddie Mac terms sheet
Origination: 1 or 2 points
Cash-out 70% to 75% of appraised value @1.30 DSCR
Refinance 75% to 80% of appraised value @1.25 DSCR
Finance 75% to 80% of purchase price @1.25 DSCR
Non-recourse
Assumable
Borrower requirements:
(1) On title 2+ years for similar sized & multifamily project(s) last 3 years
(2) Liquidity must cover “cash to close” (combined all key principals)
(3) 660+ credit
(4) No bankruptcy, foreclosure or short sales in last 3 years
(5) Borrower: single asset LLC, Corporation or Partnership
Occupancy requirements: 90% consecutive occupancy for last 90 days
No per door dollar amount
Borrower may take surplus cash distributions from operating account anytime
Prepay: Yield maintenance with no lockout, defeasance or fixed step-down schedules
Required third party reports: MAI appraisal, physical needs assessment and environmental phase I; seismic report may be required in seismic zones 3 and 4
Property location: 100,000+ population
Required reserves: Tax, insurance, funded repairs and replacement escrows based on engineer’s physical needs assessment; may not be required if LTV less than 65%.
To get started, please click blue Freddie Mac & Fannie Mae Link for your PRE APPROVAL Term Sheet within 48 business hours. No upfront fees, no tax returns, no income verification, credit cards, Social Security Numbers or credit checks required for PRE-APPROVAL.
