Aggregation loans
Commercial loans Commercial loans
Aggregation loans Commercial loans
Commercial loans Commercial finance
Commercial loans Commercial loans

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.

Commercial loans
Commercial finance
Commercial loans
bulletMINIMUM LOAN: $1,000,000.00.
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bulletLOAN TERM: 5,7, or 10 Years.
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bulletAMORTIZATION: Up to 30 Years.
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bulletMINIMUM DSCR: 1.25x.
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bulletMAXIMUM LTV: 80%.
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bulletINTEREST RATE: Fixed and Variable Rate Options on an Actual / 360 Basis.
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bulletELIGIBLE PROPERTY TYPES: Multifamily - Minimum Five Units.
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bulletELIGIBLE BORROWER: Single Asset Entity.
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bulletOCCUPANCY REQUIREMENT: 85% Physical Occupancy.
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bullet TAX AND INSURANCE ESCROWS: Monthly Deposits Required.
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bulletREPLACEMENT RESERVES: Underwritten at a minimum of $200 per unit per annum - Monthly deposits Required.
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bulletRECOURSE: In Most Cases Non-Recourse With Standard Exceptions For Fraud and Misrepresentation.
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bulletCOMMERCIAL SPACE: Maximum 20% of net rentable area and maximum 20% of effective gross income.
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bulletREQUIRED REPORTS: MAI Appraisal, Property Condition Assessment, Phase I and others if applicable.
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bulletPREPAYMENT: Defeasance or Yield Maintenance.
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bulletASSUMABLE: Subject to Approval and Fee.
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bulletSUBORDINATE FINANCING: Not allowed.
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bulletSUPPLEMENTAL LOANS: Eligible for secondary financing after 24 months subject to approval.
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bulletPRICING: Tiered Pricing Matrix. More favorable terms available for higher DSC and lower LTV.
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bullet RATE LOCK: 18 or 30 day rate lock periods.
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bulletCLOSING 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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bullet ORIGINATION FEE: Minimum 2%. (In Addition to Closing Costs).
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bulletGOOD FAITH DEPOSIT: Case by Case Basis. Applied to Origination Fee post closing, less legal and related costs.

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Commercial finance

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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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