FANNIE MAE DLA MEZZANINE LOANS
Non-recourse Fannie Mae DUS and Mezzanine Loan Lenders in Dallas Fort Worth and the rest of DFW in the North Texas Region.
Apartment Loan Amount
$1,000,000 minimum. Senior Mortgage minimum of $10,000,000
Fannie Mae + G.R.E.A. DLA Mezzanine Loans
Description
A DUS Lender Affiliate (“DLA”) Mezzanine Loan is a subordinate loan funded simultaneously with a newly originated G.R.E.A. Fannie Mae DUS loan (“Senior Mortgage”). The loan is secured by a 100% pledge of the equity interests in the Borrower. Non-recourse, subordinate financing of multifamily properties.
Loan Amount
$1,000,000 minimum. Senior Mortgage minimum of $10,000,000.
Term
Up to 10-year terms available. Coterminous with the Senior Mortgage
Combined Loan to Value Maximum
85% of appraised value
Combined Coverage Minimum
1.10x
Amortization
Interest-only
Mezzanine Borrower
Newly formed SPE, bankruptcy remote Delaware Single-member LLC, owned and controlled by the Sponsor
Collateral
Pledge of the equity of the Senior Mortgage borrower, secured by UCC filing. Eagle 9 title policy is required
Interest Rate
11-13% fixed rate coupon varying with LTV, DSCR, market and sponsor. Senior Mortgage must have a fixed interest rate.
Prepayment Terms
Lockout period of 12 months. Can be prepaid before A Note.
Supplemental Financing
Allowed on the Senior Mortgage; proceeds shall be utilized to pay off the Mezzanine Loan.
Additional Terms
Third Party Reports
Mezzanine loan will rely on Senior Mortgage Loan third-party reports. As-Stabilized Appraisal Value required.
Reserves
Generally limited to reserves stated in the Senior Mortgage Loan Agreement, unless specifically stated otherwise
Application Deposit
$5,000+
Origination Fee
1%-2%
Exit Fee
1%-2%, waived upon G.R.E.A. refinance.
Recourse
Nonrecourse
Timing
Mezzanine closing simultaneous with Senior Mortgage.
Assumability
Loan is assumable, subject to lender(s) approval of proposed replacement borrower.
For current Fannie Mae Mezzanine apartment loan mortgage rates, contact our multifamily property lenders in Dallas.
Call For a Quote:
(214) 679-9673
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