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Fannie Mae Apartment Loans

Non-recourse. 30-yr terms. 80% leverage.

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Fannie Mae Multifamily Loan Program Overview

The Fannie Mae DUS Multifamily Loan program is one of the single largest sources of capital to the multifamily housing market. The Fannie Mae Multifamily lending platform provides financing for the acquisition or refinancing of multifamily properties, including, 5+ unit apartment buildings and condominiums, Seniors Housing, Student Housing, Cooperatives, Affordable Housing and Manufactured Housing. 

 

The DUS (Delegated Underwriting and Servicing) program is a unique private capital model providing effective, reliable financing solutions. The DUS program relies on shared risk with private lenders providing certainty and speed of execution and competitive pricing. In short, Fannie Mae delegates its lending partners to underwrite, approve and service loans while setting the program underwriting guidelines and agreeing to purchase the mortgage at a future date. Under the DUS lending platform, Fannie Mae is neither your lender nor servicer.  View Fannie Mae multifamily loan interest rates

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Fannie Mae Multifamily Small Loan Program

The Fannie Mae Multifamily Small Loan program is designed for low cost execution, competitive pricing, reduced documentation, and limited third party reports. The Small Loan program offers borrowers unmatched performance and value, flexible terms and streamlined processing for apartment loan sizes up to $5 million.
  • Up to 80% LTV purchase and refinance
  • Loans are assumable
  • Finance up to 3% of closing costs
  • 90% minimum occupancy required
  • Tax returns not required
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Fannie Mae DUS Multifamily Loan Program

The DUS platform is Fannie Mae's standard multifamily loan program for loan size above $3 million - no maximum loan size. More individual and institutional investors turn to the Fannie Mae DUS platform to finance the multifamily class of assets than any other source. The DUS platform delivers industry low interest rates with customized terms and certainty of execution. Program allows for a specific tenant concentration (student, military, corporate) up to 80% - above 80% available through the respective dedicated programs (e.g. Student Housing, Military Housing). Properties with a HAP contract or other regulatory agreement must be processed through the Affordable Housing program.
  • Apartment loans from $3 million
  • Non-recourse with standard carve-outs
  • Up to 80% LTV purchase and refinance
  • Customized fixed rate terms from 5-30 years
  • 30-year fixed rates - Multifamily Loan for Life
  • Credit facilities starting at $25 million
  • Mezzanine financing available
  • Early and extended rate locks
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Fannie Mae Affordable Housing Loan Program

The Fannie Mae Affordable Housing Loan program provides permanent, long-term fixed rate debt for financing or refinancing for stabilized multifamily housing properties with regulatory based rent or income restrictions
  • $1 million minimum loan size
  • 1.20 DSCR
  • Up to 80% LTV
  • Flexible underwriting specific to affordable housing properties
  • Eligible property types include, Section 8 HAP contracts, expiring Low Income Housing Tax Credits, refinancing of tax exempt-bonds, properties with existing RD 515 and RD 538 loans and loans insured under Section 202 and 236 of National Housing Act
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Fannie Mae Student Housing Loan Program

Fannie Mae provides customized apartment loans for student housing properties that address the special needs financing of the student housing market through its Dedicated Student Housing Loan program for properties that are specifically built for student housing with a minimum of 80% of the units leased to undergraduate or graduate students. For properties with a student tenant concentration less than 80%, financing is available through the DUS Standard Multifamily Loan program.
  • $1 million minimum loan size
  • Up to 75% LTV
  • Minimum 1.30 DSCR
  • Up to 30 year fixed rate terms
  • Customized financing terms
  • Non-recourse with standard carve-outs
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Fannie Mae Seniors Housing Loan Program

The Fannie Mae Seniors Housing Loan program provides mortgages for existing, stabilized, purpose built Seniors Housing properties that provide Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or any combination or standalone.
  • Prefer loan sizes above $2 million
  • Up to 75% LTV
  • Fixed rate terms up to 30 years
  • Non-recourse
  • Assumable
  • Available for experienced operators
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Fannie Mae Specialty Property Types

  • Military Housing Loans - Dedicated loan program for properties with more than a 20% military tenant concentration, or the subject's market is heavily influenced by a military base.
  • Cooperative Apartment Loans - Cooperative financing program provides financing options for properties in which the residents collectively own the building(s) and property through their shares in the cooperative corporation. The cooperative corporation grants occupancy rights to the shareholder tenants through proprietary leases.
  • Manufactured Community Housing Loans - Flexible financing terms with competitive pricing for ground lease manufactured housing communities with a minimum of 50 sites.
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Program availability -- including LTV, DSCR, and loan size -- may vary depending on property location, economic conditions, exposure, and other variables that may negatively influence risk. Loan programs and program guidelines (including, without limit, fees, rates and features) are subject to change.

Fannie Mae and Fannie Mae DUS are registered trademarks of Fannie Mae.

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