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AGGREGATION
FACILITY
The program
offers competitive terms for acquisition and refinancing of apartment
projects under the Fannie Mae brand as an alternative to conduit
programs.
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 | MINIMUM LOAN:
$1,000,000.00. |
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| LOAN TERM:
5,7, or 10 Years. |
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| AMORTIZATION: Up to 30
Years. |
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| MINIMUM DSCR: 1.25x. |
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| MAXIMUM LTV: 80%. |
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| INTEREST RATE: Fixed and
Variable Rate Options on an Actual / 360 Basis. |
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| ELIGIBLE PROPERTY TYPES:
Multifamily - Minimum Five Units. |
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| ELIGIBLE BORROWER: Single Asset Entity. |
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| OCCUPANCY REQUIREMENT:
85% Physical Occupancy. |
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| TAX AND INSURANCE ESCROWS:
Monthly Deposits Required. |
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| REPLACEMENT RESERVES:
Underwritten at a minimum of $200 per unit per
annum - Monthly deposits
Required. |
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| RECOURSE: In Most Cases Non-Recourse With Standard
Exceptions For Fraud and Misrepresentation. |
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| COMMERCIAL SPACE:
Maximum 20% of net rentable area and maximum 20% of
effective gross income. |
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| REQUIRED REPORTS: MAI
Appraisal, Property Condition Assessment, Phase I and others if applicable. |
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| PREPAYMENT:
Defeasance or Yield Maintenance. |
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| ASSUMABLE: Subject to Approval and
Fee. |
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| SUBORDINATE FINANCING:
Not allowed. |
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| SUPPLEMENTAL LOANS:
Eligible for secondary financing after 24 months
subject to approval. |
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| PRICING:
Tiered Pricing Matrix. More favorable terms available
for higher DSC and lower LTV. |
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RATE LOCK: 18 or 30 day
rate lock periods. |
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| CLOSING COSTS:
Deposit required for third party reports, processing
costs, title and legal.
Travel and other standard costs if an when applicable. |
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| ORIGINATION FEE: Minimum
2%. (In Addition to Closing Costs). |
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| GOOD FAITH
DEPOSIT:
Case by Case Basis. Applied to Origination Fee post closing, less
legal and related costs. |
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| Above terms and conditions are subject to
change at any time without prior notice. Other terms and conditions apply.
If you have any questions, please don't hesitate to
contact us. Thank you. |
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