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And, with leverage up to 75% and loan terms up to 30 years (for non-securitized debt), these loans provide incredibly generous terms for all kinds of multifamily investors. Whether you want to refinance a high-interest multifamily construction loan that’s about to come due or want to purchase a recently constructed multifamily property, a Freddie Mac Lease-Up Loan can help.
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Recourse: Loans are fully non-recourse with standard carve-outsĬlick here to download our easy-to-understand Freddie Mac Fixed-Rate Loan term sheet.Īll newly constructed properties undergo a lease-up period directly after construction- but it isn’t always easy to get financing when your property isn’t generating a steady income. Terms: 5-10 years (Up to 30 years for non-securitized loans)Īmortization: Up to 30 years, with I/O payment options Size: $5 million - $100 million (though this is flexible in practice) Plus, borrowers can receive loan commitments in as little as 45 days, which is considerably faster than many other Freddie Mac loans. The Freddie Mac Fixed-Rate Conventional Loan is one of the most versatile forms of multifamily financing from Freddie Mac, as it permits the financing of conventional properties, affordable housing (specifically certain LIHTC and Section 8 properties), senior housing, student housing, even apartment cooperatives. Prepayment: Step down, yield maintenance, and soft step down options are availableĬlick here to download our easy-to-understand Freddie Mac Small Balance Loan term sheet.įreddie Mac Fixed-Rate Conventional Loans Very Small Markets: 75% maximum LTV allowance for purchases, 70% for refinancesĪ 20-year hybrid ARM with a 5-, 7-, or 10-year fixed-rate loan period.Īssumability: Assumable (with lender approval and 1% fee)Ĭash Out: Cash-out refinances are available Small Markets: 75% maximum LTV allowance for purchases, 70% for refinances Standard Markets: 80% maximum LTV allowance for purchases and refinances Top Markets: 80% maximum LTV allowance for purchases and refinances Loan Purpose: A loan can be used for acquisition or refinance. Loan Size: Between $1 million and $7 million New York, Los Angeles, Miami), while the Fannie Mae Small program is better suited for secondary and tertiary markets. In general, the SBL/Optigo program is the most competitive in larger markets (i.e. In order to compete effectively with Fannie Mae, Freddie Mac introduced the Freddie Mac Multifamily Small Balance Loan Program (Freddie Mac SBL), which allows for faster, more streamlined processing. The Freddie Mac SBL program was recently re-branded as Freddie Mac Optigo, but still provides the same benefits for multifamily borrowers. Prepayments are waived for the last 90 days of the loan.īorrower Requirements: Just like Fannie Mae loans, Freddie Mac typically requires that principals have a combined net worth of at least 100% of the loan amount, and a combined liquidity of at least 10% of the loan amount (not including retirement accounts).īorrowing Entity: Freddie Mac generally requires the borrower to be structured as a bankruptcy-remote special purpose entity (SPE).įreddie Mac Multifamily Small Balance Loan Program After securitization, a 2-year lockout period begins, and defeasance is allowed afterward. Prepayment: Yield maintenance is permitted until securitization. Interest Options: Interest-only options are available Recourse: Non-recourse (standard carve-outs apply) Rate locks: Yes, both early and extended available
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Loan Term: 5-30 year fixed-rate terms available Loan Size: $1 million with no upper limit While Freddie Mac loan terms vary somewhat between products, general terms include: General Terms for Freddie Mac Apartment Loans In addition, since many Freddie Mac loans are securitized and sold to investors, borrowers will often have to engage in defeasance if they want to prepay their loan. Much like its sister company, Fannie Mae ®®, Freddie ® Mac® offers non-recourse, 30-year fixed-rate loans with up to 80% leverage. While Freddie Mac loans are a great option for market-rate properties, they often offer significant advantages to borrowers attempting to obtain financing for affordable properties, such as HUD Section 8 properties or those being funded with the Low-Income Housing Tax Credit ( LIHTC).ĭespite the incredible benefits of Freddie Mac multifamily financing, it can be somewhat difficult to obtain Freddie Mac typically puts a strong emphasis on the financial strength of potential borrowers, as well as considering their multifamily real estate experience. 2022 Freddie Mac Multifamily Loan Options
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