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Welcome to Chatter! We’re happy to be your source for multifamily news, research and insight. Bookmark us and be sure to sign up for our weekly newsletter to stay on top of all things financing and investment for the multifamily industry. We also invite you to follow us on Twitter. What is Chatter? So what Read the full article…

Research

How Big is Small Cap Multifamily?

A closer look at the multifamily housing inventory in the United States and the size of the small cap investment opportunity.

Around the Web

Multifamily Forecast: Investors Moving to Secondary Markets

The apartment sector has remained the darling of the commercial real estate for the past six years. This doesn’t appear to be changing anytime soon, as 2016 is expected to set a new record for multifamily mortgage origination volume. While multifamily’s position as top dog remains uncontested, savvy investors are altering their strategy for sourcing Read the full article…

GENERAL: 800.ARBOR.10

FANNIE MAE DUS®

Choice Refinance

Arbor’s Choice Refinance product offers a streamlined refinance execution for Fannie Mae Portfolio Mortgage Loans in good standing.

Loan Amount No minimum loan amount (subject to change)
Loan Term Standard DUS options available (5- to 30-year terms)
Amortization Generally 30 years
Minimum DSCR 1.25x DSCR calculated according to standard DUS underwriting guidelines
Maximum LTV 80%; if cash-out, 75%
Rate Structure Fixed- and adjustable-rate options available
Pre-Review Mortgage Loans Prereview mortgage loans are no longer prohibited for Choice Refinance loans; generally, no prereview is required if the prereview category for the portfolio mortgage loan was previously approved by Fannie Mae
Benefits Benefits include:

  • Flexible refinancing and increased lender delegation
  • Lower costs from reduced documentation
  • Speed in processing and underwriting
Tax & Insurance Escrows Monthly deposits required; may be waived if certain criteria are met
Replacement Reserves Underwritten at a minimum $250 per unit per annum
Recourse Requirements Nonrecourse except for standard carve-outs
Prepayment After the expiration of the yield maintenance period, the required 1% prepayment premium may be reduced or waived in certain circumstances; prepayment premium due may be paid from the proceeds of the new loan
Assumable Subject to approval and 1% fee
Supplemental Financing DUS supplemental loans are permitted after the Choice Refinance loan has been in place for one year

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