Assisted Living Mortgages

Fannie Mae Seniors Housing Mortgages


Fannie Mae provides financing for multifamily seniors housing properties. This program includes flexible financing, competitive pricing, and a speedy execution. Sponsors and Operators must have a minimum of five years experience in the seniors housing industry and a minimum of five stabilized properties.


Overview
Term5-30 years
AmortizationUp to 30 years
Max LTV75%
Min DSCR DSCR Calculator1.3x
RecourseNon-recourse
Escrows Fully funded replacement reserve, tax and insurance escrows are required.
Third-Party Reports Standard third-party reports including Appraisal, Phase I Environmental Assessment and a Physical Needs Assessment are required. In addition, a Consultant’s Report on Management and Operations is required for all types of seniors housing properties, and a Regulatory Compliance Report is required for licensed seniors housing properties.
Interest Rate Fixed and variable rates.
Assumption Mortgages are typically assumable.
Rate Lock30- to 90-day commitments. An early rate lock feature is available allowing the borrower to lock a rate 45 to 180 days in advance of closing.
Prepayment Options Yield maintenance and other graduated prepayment options.
Supplemental Financing Available
Additional Considerations The Credit Enhancement Instrument issued by Fannie Mae is provided in accordance with the terms of a Reimbursement Agreement between the borrower and Fannie Mae, among other documents.

FNMA Multifamily Mortgages