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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 multifamily properties, seniors housing, student housing, cooperatives, affordable housing and manufactured housing communities and mobile home parks. 

 

The Fannie Mae 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 its approved 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.

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Fannie Mae Multifamily Small Loan Program

The Fannie Mae Multifamily Small Apartment Loan program is designed for a low cost execution, competitive pricing, reduced documentation, and limited third party reports. The Small Apartment Loan program offers borrowers unmatched performance and value, flexible terms and streamlined processing for apartment loan sizes up to $6 million.
  • Up to 80% LTV purchase and refinance
  • 90% minimum occupancy required
  • Non-recourse
  • Assumable
  • Tax returns not required
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Fannie Mae Mobile Home Park Loan Program Overview

The Fannie Mae Mobile Home Park Loan Program is widely considered to offer the most aggressive rates and terms for eligible mobile home parks and manufactured housing communities. Loans made through the Fannie Mae MHC Loan Program are part of Fannie Mae's mission driven platform to provide financing for properties with low or affordable rents and may qualify for interest rate reductions. Park quality is important and park should be a 4 or 5 star park. 3 star parks are considered on a deal by deal basis. Learn more about the star rating system.
  • Up to 80% LTV
  • 30-year amortization
  • Fixed rates from 5-30 years
  • Interest only payments available
  • Flexible prepay options
  • Interest rates up to 30bps below standard rates
  • Non-recourse
  • Assumable
  • 75% or greater tenant owned homes required
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Fannie Mae DUS Multifamily Loan Program

The DUS platform is Fannie Mae's conventional multifamily loan program for loans above $6 million with no maximum on 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 $6 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
  • Up to 10-years interest only
  • Mezzanine financing available
  • Early and extended rate locks
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Fannie Mae Affordable Housing Multifamily Loan Program

The Fannie Mae Affordable Housing Loan program provides permanent, long-term fixed rate debt for financing or refinancing of stabilized multifamily housing properties with regulatory based rent or income restrictions
  • $1 million minimum loan size
  • 1.25 DSCR
  • Up to 80% LTV
  • Up to 30-yr fixed rate terms
  • Interest only available
  • 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 Multifamily 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 Conventional 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, or Alzheimer’s/Dementia Care. Properties with age restrictions that provide no services are processed through the Small Loan or Conventional Loan programs.
  • Prefer loan sizes above $3 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 an 80% 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 and mobile home parks with a minimum of 50 sites.
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Apartment loans may not be available in all locations. Eligible property types, loan programs and program guidelines (including, without limit, minimum loan size, LTV, rates and terms) are subject to change without notice and may vary depending on property location, economic conditions, exposure, and other variables that may negatively influence risk. Information provided is not an offer to make a loan and should be used for informational purposes only.

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