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Commercial Real Estate Division

Commercial Real Estate - Fannie mae

Fannie Mae Apartment Loans for Military Housing Program Guidelines:

Eligible Properties:

  • Stabilized 5+ unit multifamily properties with a military tenant concentration greater than 20%.

Loan Size:

  • $1,000,000 with no maximum. 

Maximum Loan-to-Value:

  • ​​75% 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

Amortization:

  • 30 years. 

Minimum DSCR:

  • 1.30

Minimum Occupancy:

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

Prepayment Penalty:

  • The greater of 1% or yield maintenance.

Guarantee:

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

Assumable:

  • Yes, subject to lender approval.

Escrows:

  • 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.

 

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