office 480.682.4501
fax 480.682.4517
BK-0910597
Fannie Mae's Direct Bond Purchase product is specially designed for immediate fundings and forward commitments involving unrated, fixed rate, tax-exempt bond issues up to $8 million. This product provides a substantial savings for our borrowers. There is no premium for direct placement to Fannie Mae and no bond underwriter is required.
(For a Printable PDF of this program, please click here)
Eligibility
Loan Amounts $3 million minimum. $* million maximum
Term/Amortization Up to 30 year term. Up to 30 year amortization
Interest Rate Fixed rate only. Very competitively priced
Debt service coverage ratio 1.20x minimum
Loan to value 90% maximum
Personal recourse Non-recourse with standard "Carve-Outs" and Key Principals obligations
Prepayment Yield maintenance with 1% minimum
Yield maintenance Period Required (varies per loan term)
Origination Fee 1% or less when applicable
Commitment Fee 1% (refundable)
Third Party Fees Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required
Minimum Occupancy Requirement 90% sustained for 90 consecutive days (85% acceptable for special circumstances)
Replacement reserve impounds Required - not less than $200/unit (waiver considered for special circumstances)
Taxes and Insurance Impounds Required
Assumability Assumable with lender approval and a 1% fee
Taxable Tails for Additional Financing Fixed or Adjustable
Venture Placement Fee 1% to 2% dependent on property