|
|
Column Guaranteed LLC is an approved Fannie Mae DUS Lender. Delegated
Underwriting and Servicing (DUS) is Fannie Mae’s principal line for purchasing
multifamily loans. Fannie Mae delegates the responsibility for originating,
underwriting and closing to the Lender, without the need for prior Fannie Mae
approval. |
|
|
|
Eligible properties include all income producing multifamily rental or
cooperative properties as well as the following specific product lines:
Conventional multifamily, Early Rate Lock options, Seniors Housing,
Manufactured Housing Communities, Student Housing, Forward Commitment Products
and Affordable Housing transactions (LIHTC, Section 8 and Tax Exempt Bond
Credit Enhancements). Additional benefits and financing options cover fixed
rate or ARM financing, Supplemental Loans, Defeasance, Assumability, and
Actual/360 and 30/360 interest rate options.
|
|
|
|
*Click
Here for Contact Information for New Fannie Mae Loans
|
|
|
|
Multifamily dwellings with a minimum of 5 units
|
|
|
5, 7, or 10. Actual term may be up to 15 years with conversion option.
|
|
|
Competitive based on LTV and DSCR
|
|
|
- Loan may convert to a 7 or 10 year fixed term with various Yield Maintenance
periods.
- Borrower can exercise the conversion feature in loan years 2 through 5
at the then current market rate.
|
|
|
|
200 b.p.–600 b.p. above/below the initial interest rate
|
|
|
- Every month or every 3 months for the 1 and 3 month LIBOR programs respectively
based on a
- 15 or 45 day look-back to the prior period
|
|
|
Typically 30 years. Adjusts with each payment to match the remaining
amortization period.
|
|
|
80.0% (75% for 5 year term)
|
|
|
1.00:1 underwritten at lifetime interest cap
|
|
|
1-year lockout followed by either a declining prepayment schedule or 1% of
unpaid principal; open at par last 90 days. No prepayment premium due on a
conversion; up to 1% waived if refinanced (instead of converted) by Fannie.
|
|
|
Non-recourse, with the exception of the typical carve-outs
|
|
|
|
Typically required; various funding options available; waived for low leverage
transactions
|
|
|
Typically 1%
|
|
|
|
Fannie Mae supplemental loans available
|
|
|
At application, an amount estimated to cover third party costs and expenses
with any excess credited at closing
|
|
|
2% deposited prior to rate lock and typically credited at closing (Early rate
lock available)
|
|
|
Typically within five days of rate lock
|
|
|
|
Permitted subject to Lender approval with 1% transfer fee and $3,000 processing
fee
|
|
|
|
30/360 or Actual/360
|
|
|
