Fannie Mae and Freddie Mac Low Fixed Interest Rate Loans
Nationwide (100,000+ population with certain location restrictions; no restrictions with FHA-HUD)
Multifamily, mixed-use, mobile home parks, affordable, student, assisted living & skilled nursing care
No upfront fees for pricing loans
No tax returns
No income verification
Term: 10 Years
30 Year Amortization
SBL small balance program ($1.75 million to $9 million easier underwriting than larger loan programs
Origination: varies with underwriting
Cash-out to 75% of appraised value @1.30 DSCR
Refinance 80% of appraised value @1.25 DSCR
Finance to 80% of purchase price @1.25 DSCR
(1) On title 2+ years for similar sized projects last 3 years
(2) Liquidity: cover “cash to close” (combined all key principals)
(3) 660+ credit
(4) No bankruptcy, foreclosure or short sales last 3 years
(5) Borrower: single asset LLC, Corporation or Limited Partnership
Occupancy: 90% consecutive occupancy last 90 days
No per door dollar value
Borrower may take surplus cash distributions from operating account anytime
Prepay: flexible options
Appraisal, physical needs assessment, environmental phase I, and seismic may be required in zones 3 and 4
Required reserves: Taxes, insurance, funded repairs and replacement escrows based on engineer’s physical needs assessment; not required if LTV less than 65%.
Application fee: $15,000 for 3rd party reports, processing and underwriting costs
Legal fees: $8,000 to $12,000
Rate lock: after commitment; rate lock option within 4 weeks of application
Loans close in 4 to 6 weeks
Let’s close your next deal together!
To get started, please click blue Freddie Mac & Fannie Mae Link for your PRE-APPROVAL Term Sheet within 48 business hours for qualified borrowers.
No upfront fees, no tax returns, no income verification, credit cards, Social Security Numbers or credit checks required for PRE-APPROVAL.