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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®

Multifamily Affordable Housing (MAH)

Arbor’s DUS MAH product provides flexible terms for acquisition or refinance of multifamily projects nationwide which qualify as affordable housing. Eligible properties are those that participate in the Low Income Housing Tax Credit (LIHTC) program, are encumbered by a Housing Assistance Payment (HAP) contract or participate in the Section 8 program (either through vouchers or direct payments). Other, special uses can be considered for MAH status.

Loan Amount $750,000 minimum.
Loan Term Up to 30 years.
Amortization Up to 30 years.
Minimum DSC 1.15
Maximum LTV Up to 90%
Fixed Rate Yes
Adjustable Rate Available. Priced off the one month or three month LIBOR. Convertible and non-convertible options available.
Eligible Properties Multifamily, minimum five units.
Eligible Borrower Single Asset Entity.
Occupancy Requirement 85% physical occupancy, 70% economic occupancy.
Tax & Insurance Escrows Monthly deposits required.
Replacement Reserves Underwritten at a minimum $250 per unit per annum.
Recourse Non-recourse with standard exceptions for fraud and misrepresentation can be waived for 100% restricted properties.
Commercial Space Maximum 35% of net rentable area and maximum 20% of effective gross income.
Required Reports Appraisal, Property Condition Assessment, Phase I Environmental.
Prepayment Yield Maintenance and other delcining prepayment options are available.
Assumable Subject to approval and 1% fee.
Supplemental Loans Eligible for secondary financing after 12 months.
Pricing Tiered Pricing Matrix. More favorable terms available for higher DSC and lower LTV.
Rate Lock Standard 30- to 180-day rate lock period. Early/extended rate lock options available.
Application Deposit $23,000. Covers estimated processing and legal fees.
Origination Fee Minimum 1%. Par pricing available.
Good Faith Deposit 2% of loan amount.

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