FANNIE MAE Manufactured Housing - Capital One

FANNIE MAE manufactured housing

Beech Street is now Capital One Multifamily Finance and our commitment to customer service is even stronger.

Capital One Multifamily Finance provides an array of financing solutions for multifamily investors that includes acquisitions, refinancing, and new development. We offer a wide range of Fannie Mae, Freddie Mac, and FHA programs nationwide as well as balance sheet products in selected markets for construction, bridge, and term loans. This gives us the breadth of resources to structure transactions that closely meet the needs of our customers. We take pride in delivering "good enough just isn't" service at every stage of the lending process, from origination and underwriting to closing and beyond.

TERMS

Eligible Products

? Manufactured Housing Communities consisting of land and infrastructure including home sites, streets, private utility lines and common area amenities

? Properties must have excellent `street appeal'

? Properties are required to have a minimum of 50% of pads able to accommodate doublewide homes

? Properties must have a minimum of 50 home sites with planned parking or a minimum of two parking spaces per pad

? All homes must be professionally skirted

? Maximum density on an existing community not to exceed 10 homes/acre

? Ratio of tenant-occupied to owneroccupied homes cannot exceed 10%

Eligible Borrowers

? Single Asset Domestic Entities. At least one key principal of the borrower should have experience in operating manufactured housing communities

Loan Term ? Fixed rates from 5 to 30 years;

LIBOR floaters available with 5, 7 and 10 year terms

Amortization ? 25?30 years ? Interest only available

Subordinate Financing ? None during the first 12 months,

permitted thereafter with written approval

Recourse Requirements ? Non-recourse except for standard

carve-out provisions

Minimum Vacancy ? Minimum 5% economic vacancy

Escrows ? Replacement reserve, tax and

insurance escrows are typically required

Available ? Nationwide

Minimum Loan Amounts ? $2 million

Maximum LTV ? 80% (75% for cash-out refinance)

Minimum DSC ? 1.25x

Products and services provided by Capital One Multifamily Finance LLC, wholly owned subsidiary of Capital One N.A., Member FDIC. ? 2014 Capital One. All rights reserved.

OVERVIEW

? Flexible financing terms ? Acquisition or refinance ? Full-term interest-only may

be available ? 5, 7, 10, 15, 18, 25 or 30-year

terms ? Supplemental mortgage

is available ? Extended Rate Lock feature

is available

To learn more about how the Capital One team members will roll up their sleeves for your business, contact Capital One Multifamily Finance 7600 Wisconsin Ave., Suite 800 Bethesda, MD 20814 855-we-do-more (855-933-6667) infomultifamily@

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download