Small Mortgage Loan Program - Fannie Mae Multifamily
[Pages:2]Multifamily Term Sheet
Small Mortgage Loan Program
Fannie Mae's Multifamily Mortgage Business offers a streamlined loan process for fixed- and variable-rate mortgage loans up to $6 million nationwide.
Loan Amount
Up to $6 million nationwide
Term
5 - 30 years.
Amortization
Up to 30 years.
Interest Rate
Fixed- and variable-options available.
Maximum LTV
80%.
Minimum DSCR 1.25x.
Supplemental Financing
Supplemental Mortgage Loans are available.
Prepayment Availability
Flexible prepayment options available, including yield maintenance and declining prepayment premium.
? 2019 Fannie Mae. Trademarks of Fannie Mae.
Benefits
? Lower cost of execution ? Competitive rates ? Delegated model provides lenders and
borrowers speed of execution ? Team with experience and scale to
support this unique market ? Single asset security allows the most
flexibility in the market ? Extensive experience serving the small
loan market ? Streamlined third-party reports
Eligibility
? Conventional properties; Multifamily Affordable Housing Properties; Cooperative Properties (market rate); and Manufactured Housing Communities
? Existing, stabilized multifamily properties
? Properties with 5 or more units ? Loans for acquisition or refinance
For More Information
Contact a Fannie Mae representative or visit the Multifamily Small Loan Business Portal for details.
multifamily/small-loans
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Multifamily Term Sheet
Rate Lock
30- to 180-day commitments. Borrowers may lock a rate with the Streamlined Rate Lock option.
Accrual
30/360 and Actual/360.
Recourse
Non-recourse execution is available with standard carve-outs for "bad acts" such as fraud and bankruptcy.
Escrows
Lenders are delegated the authority to waive the Replacement Reserve for certain transactions. Replacement Reserve, tax, and insurance escrows are typically required for higher leverage transactions.
Third-Party Reports Streamlined inspection and Environmental Screening using the ASTM E-1528-14 protocol.
Assumption
Non-recourse loans are typically assumable, subject to review and approval of the new borrower's financial capacity and experience
? 2019 Fannie Mae. Trademarks of Fannie Mae.
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