Commercial Real Estate Division

Commercial Real Estate - Fannie mae

Fannie Mae Multifamily Affordable Housing Loan Program Guidelines:

Eligible Properties:

  • Eligible property types include, Section 8 HAP contracts, expiring Low Income Housing Tax Credits, refinancing of tax exempt-bonds, properties with existing RD 515 and RD 538 loans and loans insured under Section 202 and 236 of National Housing Act. Financing for LIHTC properties with expiring tax credits are eligible.

Income Restrictions:

  • Low-income qualifying restrictions; 20% or more units rented to families earning at or below 50% of Area Median Income (AMI), or 40% or more units rented to families earning at or below 60% of AMI. Restriction must be recorded.  


  • A re-stabilization reserve equal to 6 months debt service is generally required. May be reduced or waived on an exception basis.

Loan Size:

  • $1,000,000 with no maximum. 

Maximum Loan-to-Value:

  • ​​80% LTV.

Maximum CLTV:

  • 100% is possible with Joint Venture

Eligible Locations:

  • All 50 states, Puerto Rico, U.S. Virgin Islands, and Guam.

Fixed Rate Term:

  • Up to 30 years


  • 30 years. 

Minimum DSCR:

  • 1.15.

Minimum Occupancy:

  • 85% physical / 80% economic for 90 days prior to closing.

Prepayment Penalty:

  • The greater of 1% or yield maintenance.


  • Non-recourse for most loans subject to standard carve-outs.


  • Yes, subject to lender approval.


  • Tax and insurance required on higher leveraged loans.

Third Party Reports:

  • Appraisal, Market Study, Phase I Environmental, Engineering Report and Seismic where applicable.

Sponsor Requirements:

  • 680 minimum credit score (unlike the Small Loan program, some flexibility with credit score and overall credit in general)

  • Sponsor should either have experience with rent/income restricted properties or have professional third party management with the necessary experience

  • Absentee ownership requires two years comparable multifamily ownership experience


 Synergy Capital Markets

9453 De Soto Avenue

Suite M

Chatsworth, California 91311


Synergy Capital Markets, is an institutional alternative real estate finance investment adviser, investor and underwriter. Synergy Capital Markets does not offer, and does not offer to provide any broker dealer or market maker services. Synergy Capital Markets operates this website at (referred to as the “Website”). By accessing this Website and any pages thereof, you agree to be bound by its Terms of Use and Privacy Policy. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. We do not provide financial planning services to individual investors. Synergy Capital Markets does not provide tax advice and does not represent in any manner that the outcomes described herein will result in any particular tax consequence. Prospective investors should conduct their own due diligence, not rely on the financial assumptions or estimates displayed on this Website, and are encouraged to consult with their own financial advisor, attorney, accountant, and any other professional that can help you / them to understand and assess the risks associated with any real estate investment opportunity. Full Disclosure

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