FANNIE MAE UNFUNDED FORWARD LIHTC LOAN
Multi-Housing Lenders in DFW Dallas Fort Worth with Unfunded Forward Loans for Affordable Housing new construction and rehabilitation projects
Apartment Loan Amount
Minimum $1 million
Fannie Mae Unfunded Forward Multifamily LIHTC Affordable Housing Loans
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
Underwriting
Underwriting completed to Fannie Mae DUS standards; Organizational document review and credit due diligence applies
Conversion
Forward commitment converts to permanent loan when property reaches 90% occupancy for 90 days (minimum); Permanent loan amount may be changed based on NOI in place at time of underwriting, subject to applicable shortfall and/or breakage fees; Lender required to complete full underwriting in accordance with standard DUS Guide requirements prior to permanent loan closing
Application and Due Diligence Fees
- $2,500 non-refundable Application Fee to cover internal underwriting costs
- $12,500 Due Diligence Fee to cover third party reports
Origination Fee
Fannie Mae requires a minimum origination fee equal to 1% of loan amount, can be reduced for loans over $9 million; Origination fee can be charged “outside” of the interest rate as a separate fee, or it can be built into the rate
Fannie Mae Standby Fee
Determined by Fannie Mae prior to rate lock; Call for current quotes
Delivery Assurance
3% refundable deposit due prior to rate lock; 1% refundable deposit due if no rate lock option is selected
Other Costs
Borrower responsible for legal, G.R.E.A. monitoring and customary closing costs
For current LIHTC Unfunded Forward Affordable Housing loan mortgage rates and custom quotes, contact our Fannie Mae lenders in DFW at 214-679-9673
Call For a Quote:
(214) 679-9673
Related Fannie Mae Loan Options
Fannie Mae Moderate Rehabilitation Loan Program
Non-recourse, assumable financing for the acquisition or refinance of any asset class with planned capital improvements in excess of $8,000 per unit for the entire property.
Fannie Mae Near-Stabilization Loan
Permanent mortgage loan financing for newly constructed or recently renovated conventional and affordable multifamily apartment communities expected to achieve stabilized occupancy within 120 days.
Fannie Mae Seniors Housing Loan Program
Non-recourse, assumable financing for the acquisition or refinance of stabilized independent living (IL) and assisted living (AL) properties; Properties that assist residents with memory care (MC) are eligible for financing under Fannie Mae’s Seniors Housing Program;