Fannie Mae Unfunded Forward Multifamily Affordable Housing Loan

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Terms

Description
Fannie Mae provides a 24- to 30-month forward commitment with or without rate lock prior to delivery of the permanent loan

Property Type
Multifamily; new construction and rehabilitation

Loan Amount
Minimum $1 million

Commitment Period
24- or 30-month forward period, with one 6-month extension available at Lender’s discretion

Term
Up to 30 years

Amortization
30 years

Debt Service Coverage
Minimum 1.15x if LIHTC; 1.20x if other affordable

Loan to Value Maximum
90% if LIHTC; 80% if other affordable

Borrower
Domestic single asset borrowing entity is required

Interest Rate
Spread over applicable treasury as adjusted for loan term, amortization, DSC and LTV

Rate Lock
If applicable, rate lock typically occurs concurrently with construction loan closing at Borrower’s request; Subject to loan committee approval

Guaranty
Non-recourse excluding customary carve-outs