Commercial Real Estate Division

Commercial Real Estate - Fannie mae

Fannie Mae Apartment Loan Program Guidelines:

Eligible Properties:

  • Stabilized 5+ unit multifamily, condos, town homes, co-op, residential/commercial mixed-use, properties with up to 80% tenant concentration, Section 8 (tenant based).

Ineligible Properties:

  • Condos with fractured ownership structure, properties belonging to an HOA, HAP contract (must be processed through Affordable Loan program), Phased properties require a waiver, construction, substantial rehab/renovation, town home or duplex properties that are non-contiguous, properties with a healthcare component (may be processed through the Seniors Housing program).

Loan Size:

  • $3,000,000 with no maximum. Lower loan sizes considered on an exception basis. e.g. Loan size under $3 Million with a tenant concentration can be processed.

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:

  • 5, 7, 10, 12, 15, 18, 20, 22, 25, 30.


  • 30 years. Loans are balloons. Hybrid available at a premium.

Minimum DSCR:

  • 1.25.

Minimum Occupancy:

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

Interest Only:

  • Available

Interest Accrual:

  • Actual/360 or 30/360.

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

  • Local ownership doesn't require prior multifamily ownership experience.

  • Absentee ownership requires two years comparable multifamily ownership experience (exceptions made for strong sponsorship and asset quality).


 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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