Commercial Real Estate Division

Commercial Real Estate - Fannie mae

Fannie Mae Multifamily Cooperative Loans for Apartment Buildings and Condos Program Guidelines:

Eligible Properties:

  • Existing stabilized Cooperative Properties in eligible Cooperative Property markets.

  • Cooperative corporations with strong financial management and solid operating history.

  • Limited equity cooperatives targeted for low and moderate-income families may be eligible.

Property Requirements:

  • The average of the last three (3) years of maintenance fee accounts receivable as a percentage of total annual maintenance fees must not exceed three percent (3%).

  • The property management company is required to have experience with cooperative properties of like size and market.

  • Reserve Balance: greater than or equal to 10% of annual maintenance fees.

  • Co-op is required to charge maintenance fees to sufficient levels to achieve a balanced budget.

  • Generally, no more than 40% of the units may be owned by the Sponsor.

Loan Size:

  • $1,000,000 with no maximum. 

Maximum Loan-to-Value:

  • ​​55% LTV.

Maximum CLTV:

  • 100% is possible with Joint Venture

Eligible Locations:

  • Call for details

Fixed Rate Term:

  • 5 to 30 years


  • 30 years. 

Minimum DSCR:

  • 1.00 on actual operations and 1.55 based on market rents.

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:

  • Single asset single purpose U.S. entity.


 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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