Agency Permanent Mortgage Programs for Multifamily Properties

$2,000,000 to $30,000,000. Larger single asset loans and portfolio loans are available subject to review.

Stabilized Cash Flowing multifamily properties (minimum 80% (usage and cash flow coming from residential rental income).

Mainland USA, Alaska, Hawaii, Puerto Rico and the American Virgin Islands.  Please note: lower LTV’s and higher DSCR’s may apply to those markets with market occupancies below 90%.

Up to 80% LTV/LTC with Fannie Mae and Freddie Mac programs. Up to 85% with HUD programs.

DEBT SERVICECOVERAGE RATIO:

Debt service payments should be at a ratio to underwritten NOI no lower than 1:1.20X.

Sponsor must have strong resume in multifamily asset management, strong credit and strong financials.

INTEREST RATES:

Interests rates are typically set at market spreads over the corresponding term Treasury Yield. Rates are usually highly competitive. Please contact your Lexden representative for current spreads and index pricing.

LENDER POINTS:

Typically 1%.

Typically yield maintenance, but options of decreasing fixed prepayment penalty and no prepayment penalty are available and may be built into loan cost.

Non recourse to all principals subject to standard carve-outs.

Application deposit of between $10,000 and $50,000 depending on the loan size and cost
of third party reports.

Fannie Mae and Freddie Mac applications typically take 45-90 days to close. HUD applications depending on the regional office pipeline typically take 9-18 to close.