office 480.682.4501
fax 480.682.4517
BK-0910597
For Competitive rates and flexible financing, Fannie Mae offers a full range of products for multifamily properties. The Fannie Mae Fixed Rate product will provide up to 80% of the value of the property for terms from 5 to 30 years. These Fannie Mae products give borrowers the choice of ballooning or fully amortizing mortgages, early rate locks, and supplemental loans.
(For a Printable PDF of this program, please click here)
Eligibility All multifamily product types
Loan Amounts $2 million minimum. No maximum
Term/Amortization 5 to 30 year term. Up to 30 year amortization
Interest Rate Fixed rate only
Debt service coverage ratio 1.25x minimum
Loan to value 80% maximum
Personal recourse Non-recourse with standard "Carve-Outs" and Key Principals obligations
Prepayment Yield maintenance with 1% minimum or defeasance
Origination Fee 1% / $20,000 minimum
Commitment Fee 2% (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 $150/unit (waiver considered for special circumstances)
Taxes and Insurance Impounds Required (may be waived for low leverage transactions)
Assumability Assumable with lender approval and a 1% fee
Supplemental Mortgages Available after 1 year (up to two available, plus one more upon sale)
Venture Placement Fee 1% to 2% dependent on property