FREDDIE MAC CONVENTIONAL FLOATING RATE LOANS
Low rate Loans for multifamily apartments and multi-housing properties in Dallas Fort Worth and North Texas.
Apartment Loan Amount
Situation dependent. Call us for details.
Freddie Mac 9% LIHTC Cash Loans in Texas
Financing for these Property Types
Conventional structured transactions including standard multifamily, student, seniors, and manufactured housing. Floating-rate loans are not available for cooperative housing.
Max Amortization
30 years
Max Loan to Value
80%
Minimum Coverage
1.25x, on comparable fixed-rate mortgage constant
Borrower
- Borrower may generally be a limited partnership, corporation, limited liability company, or a tenancy-in-common (TIC) with 10 or fewer tenants in common
- General partnerships, limited liability partnerships, REIT’s and certain trusts may also be acceptable in limited circumstances, subject to additional requirements
- Borrower must generally be a Single Purpose Entity (SPE); however, on loans less than $5 million, upon Borrower’s request, a Borrower other than a TIC may be a Single Asset Entity (SAE) instead of an SPE
- If the Borrower is structured as a Tenancy in Common (TIC), each Tenant in Common must be a SPE
Recourse Requirements
Non-recourse except for standard carve-out provisions
Interest-Only Period
Partial-term and full-term interest-only available
Lock-out/Prepayment Provisions
Four lock-out/prepayment options available (see chart below) with no prepayment premium for final 90 days; other options are available for loans that are not intended to be securitized.
|
Prepayment Premium |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
Year 6 |
Year 7 |
Year 8 |
|
Option 1 |
Locked out |
1% |
1% |
1% |
1% |
1% |
1% |
1% |
|
Option 2 |
3% |
2% |
1% |
1% |
1% |
1% |
1% |
1% |
|
Option 3 |
5% |
4% |
3% |
2% |
1% |
1% |
1% |
1% |
|
Option 4 (only for 10-yr capped |
7% |
6% |
5% |
4% |
3% |
2% |
1% |
1% |
Third Party Reports
MAI Appraisal, Physical Needs Assessment, and Environmental Phase I Assessment are required, plus Seismic Report may be required for properties in Seismic Zones 3 and 4
Tax, Insurance, & Replacement Reserves
Tax and insurance escrows are generally required. Funded Repair & Replacement escrow is generally required.
Recourse Requirements
Non-recourse except for standard carve-out provisions
Lender Application Fee
$15,000; covers 3rd party reports and processing/ underwriting costs
Freddie Mac Application Fee
Greater of $2,000 or 0.1% of loan amount
Origination Fee
Competitive
Legal Fees
$8,000 to $12,000 varying with characteristics of the deal
Timing
45-60 days from the application to commitment; dependent on 3rd party report timing and Borrower’s submission of due diligence
Rate Lock
Early spread-lock option available for varying durations, typically ranging from 60 to 120 days until Freddie Mac purchase
Assumability
Loan is assumable, subject to lender approval of proposed replacement Borrower. Fees include 1% assumption fee, part of which is paid to Freddie and a $5,000 processing fee to cover Lender’s
underwriting expenses.
Supplemental Loan Availability
Yes, subject to requirements specified in the Loan Agreement
For current Freddie Mac Conventional Floating Rate loans, contact our multi-housing lenders in DFW.
Call For a Quote:
(214) 679-9673
Related Fannie Mae Loan Options
Freddie Mac Direct Purchase of Tax-Exempt Loans
Forward Commitments or Immediate financing for the acquisition or refinance of affordable multifamily properties with 4% Low Income Housing Tax Credits (LIHTC) with at least 7 years remaining in the tax credit benefit period.
Freddie Mac Green Rebate, Green Advantage and Green Certified Apartment Loans
Energy Star Green Up Assessment Loans for EPA Water and Energy Efficient Multi-Housing Apartments.
Freddie Mac Small Balance Multifamily Loans in Texas
Refinancing and Financial Lenders for Small Balance Loans for Apartments in DFW Dallas Fort Worth.