| Fannie Mae DUS Apartment Loans Nationally Refinance and Purchase Loans Kendall Realty Advisors LLC Chicago, IL |
ELIGIBLE PROPERTIES: Market Rate Apartments Class A, B, C, or Mixed use or
affordable housing properties. Loans greater than $3,000,000 – Use FNMA Small
Loan for less than $3,000,000
Refinance and Purchase: New construction or older properties
Minimum Occupancy: 90% at the time of commitment for preceding three-month
period
LOAN TYPE: Balloon mortgages with a 5, 7, 10, 15 or 30 year fully amortizing
structures
PREFERRED LOAN SIZE: $3 million and up - Under $3 Million go to Small Loans
MAXIMUM LOAN: Amount equal to the lesser of:
1. 80% of appraised value or purchase price within one year; or 75% Cash Out
2. 1.25 debt service coverage.
INTEREST RATES: Market rates at the time of rate lock. Rates vary by loan-to-value
ratio, debt service coverage and property quality. Spread over ten year treasury
ranges for 2.25% to 2.75% over ten year treasury rate
AMORTIZATION: Up to 30 years.
PERSONAL RECOURSE: None, except for standard exceptions
ASSUMABILITY: Assumable, subject to approval and a 1% transfer fee
PREPAYMENT: Yield maintenance or defeasance options
SUBORDINATE FINANCING: Fannie Mae Supplemental Loans (second mortgages)
available 12 months after loan closing
ESCROWS: 125% to 150% of estimated cost of required repairs, if any, as
determined by physical inspection. Monthly escrows for real estate taxes,
property insurance and replacement reserves
APPLICATION FEE: Typically $15,000 for appraisal, environmental assessment and
other loan processing costs
FINANCING FEE: Typically 1%
CLOSING EXPENSES: Standard transaction costs, including legal fees, title
insurance and survey
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| Charles Kendall 773-259-7074 kendallrealtyadv@ gmail.com |
| Apartment Fixed-Rate Mortgages Commercial Mortgage Apartment Purchase or Refinance LOW RATES FEES & SPREADS FAST CLOSINGS Apartment Loan Rates Chart RATES Lowest Level for 2011 |