Fannie Mae Supplemental Apartment Loans
Fannie Mae’s Multifamily Mortgage Business offers subordinate financing options for properties with a pre-existing Fannie Mae Mortgage Loan. This program provides flexible financing, access to additional capital, fast execution, and provides a lower cost than refinancing. Eligible property types include conventional, affordable housing, seniors housing, student housing, and manufactured housing properties. Bond Credit Enhancement transactions are eligible with prior approval of Fannie Mae.
|Min DSCR DSCR Calculator||1.30x|
|Rate Lock||30 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.|
|First Lien Seasoning||Supplemental Loans are available 12 months after the closing of the previous lien.|
|Maturity||Supplemental Loans can be either coterminous with the underlying first trust, or non-coterminous.|