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Freddie Mac Targeted Affordable Express - $1 Million-$10 Million

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Apartment Loan Rates
Freddie Mac Apartment Rates
Fixed Interest Rate Amort Max LTV
5-yr 3.68% - 4.14% 30-yr 80%
7-yr 3.91% - 4.15% 30-yr 80%
10-yr 3.87% - 4.11% 30-yr 80%
Learn More Freddie Mac SBL
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The Freddie Mac Small Hybrid ARM Apartment Loan program offers the most competitive rates and terms in the multifamily small loan space. Each loan is custom priced. Request a custom quote today.
  • Competitive low rates
  • Non-recourse
  • No yield maintenance
  • No replacement reserves
  • No balloon payment at the end of the fixed term

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Best Program For You
Which Program is Best
Which one of our apartment loan programs is best for you? By providing some basic information about yourself, your property and what you are looking for in an apartment loan, we can help you decide which one of our programs is best for you.
Why Choose Crefcoa
Why Choose
Crefcoa has the knowledge, expertise and strategic relationships required to provide you with the most competitive rates and terms for your commercial or multifamily property.
  • Multiple program options
  • Competitive rates and terms
  • Knowledge and expertise
  • Certainty of execution
  • Convenient electronic loan process

Freddie Mac Multifamily TAH Express Loan Program

The Freddie Mac Targeted Affordable Express (TAH Express) Program provides highly competitive terms for multifamily properties with an affordability component (HAP contract, LURA, LIHTC, Tax Abatements) that aren't eligible for financing through the Freddie Mac Small Balance Apartment Loan (SBL) Program. The TAH Express Program offers a simplified loan process with reduced document requirements, no borrower legal counsel required, low transaction costs and simplified loan documents.
Freddie Mac TAH Express Program Highlights
  • Loan amounts from $1MM to $10MM
  • Highly competitive interest rates
  • Interest rate spread locked at application
  • Partial and full term interest only available
  • Yield maintenance or declining prepay options
  • No replacement reserve requirements
  • Non-recourse
  • Assumable
  • Available nationwide
  • Up to 80% LTV
  • 30 year amortization
  • 5, 7, 10 and 15 year fixed rate options available
  • Converts to ARM at the end of the fixed term
  • No underwriting floor rate maximizes proceeds
  • Cash out to 80% in Top and Standard Markets
  • Tax returns not required

Freddie Mac TAH Express Program Guidelines

Loan Size $1,000,000 - $10,000,000.
Eligible Properties Multifamily stabilized properties with one or more of the following affordable characteristics:
  • LIHTC properties in at least year 11 of their compliance period
  • Long-term HAP Contracts
  • Regulatory Agreements (LURA) that impose rent/income restrictions
  • Tax Abatements
  • Section 8 vouchers
Ineligible Properties
  • Seniors housing (AL, IL, ALC, SN) with resident service
  • Student housing (greater than 50% concentration)
  • Military housing (greater than 50% concentration)
  • LIHTC with LURAs in in compliance years 1-11
  • Historic Tac Credit properties with a master lease structure
  • Tax-exempt financing
  • Rehabilitation financing
Markets There are four Market Tiers under the Freddie Mac SBL Program. Every county in the country is designated as a Top, Standard, Small or Very Small Market. In general, counties in larger cities are designated as Top or Standard Markets while counties in smaller cities are designated as Small or Very Small Markets. Further, Tier designation is based on the size of the rental population, determined by Census Bureau, and not necessarily population.
Regions There are five Regions (Western, South Central, North Central, Southeast and Northeast) under the Freddie Mac SBL Program. Interest rates vary slightly by Region.
Fixed Terms 5, 7 10, and 15 years.
ARM Terms 5 year fixed + 15 year ARM.
7 year fixed + 13 year ARM.
10 year fixed + 10 year ARM.
ARM Details Index: 6 month LIBOR.
Interest rate floor equal to start rate.
Lifetime cap set at 500 bps above the start rate.
1% periodic rate adjustments every 6 months.
Amortization 30 years.
Minimum DSCR 1.20-1.35 depending on Market Tier.
Underwriting Floor Rate No underwriting floor rate.
Maximum LTV 75%-80% depending on Market Tier.
Minimum Occupancy Property must be stabilized at:

1) 90% physical occupancy for the trailing three-month average prior to underwriting.


2) 85% physical occupancy for the trailing 3-month average prior to underwriting if the subject property has any of the following characteristics:

  • Property is recently built or renovated in a Top Market
  • Property is less than 30 units

Acquisition with all of the following:

  • Experienced sponsor and management relative to the current ownership
  • Appraised occupancy and/or rents materially higher than subject's current operations
  • Subject property has not experienced volatile historical occupancy swings
  • No history of serious crime at the subject property
Interest Only 1 year for 5 year fixed term.
2 year for 7 year fixed term.
3 year for 10 year fixed term.
Full term for loans with a DSCR > 1.40 and LTV < 65%.
Interest Accrual Actual/360.
Prepayment Penalty Yield maintenance or declining prepay options.

5 year fixed term: 5,4,3,2,1. Can be reduced with rate increase.
7 year fixed term: 5,5,4,4,3,2,1. Can be reduced with rate increase.
10 year fixed term: 5,5,4,4,3,3,2,2,1,1. Can be reduced with rate increase.
1% prepay during ARM term - can be waived if selling the property or refinance with a Freddie Mac.

Guarantee Non-recourse subject to standard carve-outs.
Assumable Yes, subject to lender approval and a 1% assumption fee.
Escrows Real estate tax escrow deferred for loans less than 65% LTV. Insurance escrow deferred. Replacement reserves
Replacement Reserves Not required.
Subordinate Debt Not permitted.
Rate Lock At application.
Sponsor Requirements
  • 650 minimum credit score
  • Collective net worth of key principals must exceed loan amount
  • Minimum liquidity of nine months debt service
  • Affordable housing experience required
Borrowing Entity
  • Single asset entity required
  • Trusts and corporations only eligible on an exception basis
  • Tenants in Common (TIC) eligible with no more than 5 co-tenants and each co-tenant is a single asset entity
Principals Required To Be Underwritten
  • Any member or limited partner with more than a 25% interest in the borrower
  • All managers of the borrowing entity
  • All general partners of the borrower
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What You Need to Know About the Freddie Mac Targeted Affordable Express Program

There is no better affordable housing loan program in the market for sub $10 million loans. The TAH Express Program is just that, express. It's a streamlined loan program with reduced documentation requirements. There is no borrower legal required which saves you money. No replacement reserve escrow, low interest rates and interest only options increase cash flow. 
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