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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.

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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®

Supplemental

Whether your Arbor Fannie Mae loan was executed on a market rate or affordable property; under the Forward Commitment or Small Loans program; on a cooperative complex or student-based property, you are eligible for a Supplemental Loan under the Fannie Mae DUS program.

Loan Amount $500,000 minimum.
Loan Term 5 to 30 years, coterminous or non-coterminous.
Amortization Up to 30 years.
Interest Type Fixed- or variable-rate options available.
Requirements
  • Arbor must be the Servicer of the existing Fannie Mae fixed-rate or adjustable-rate mortgage loan.
  • Supplemental Loans are available 12 months after the closing of the senior Fannie Mae mortgage loan.
Eligible Asset Classes
  • Stabilized Conventional.
  • Multifamily Affordable Housing.
  • Student Housing.
  • Seniors Housing.
  • Manufactured Housing Communities.
Limitations
  • One Supplemental Loan is permitted during the term of the first mortgage lien; however, an additional Supplemental Loan may be placed if the pre-existing debt is assumed through an arms-length acquisition.
  • Pre-existing Fannie Mae debt may not have less than 5 years until maturity.
Underwriting
  • Appraisal, Property Condition Assessment, and Phase I Environmental update are required.
  • Funding of replacement reserves will match the pre-existing level unless an increase is required after review of the Property Condition Assessment.
  • A new title insurance policy is required.
  • No new survey is required, provided the title meets legal requirements.
Minimum DSCR As low as 1.30x, depending upon asset class and use of proceeds.
Maximum LTV As high as 75%, depending upon asset class and use of proceeds.
Prepayment Yield maintenance or defeasance.
Accrual 30/360 and Actual/360.
Rate Lock 30- to 180- day commitments. Borrowers may lock a rate with the Streamlined Rate Lock option.
Recourse Non-recourse execution with standard carve-outs for “bad acts” such as fraud or
bankruptcy.
Assumable Subject to approval and 1% fee (non-recourse loans only).
Application Fee Deposit $20,500. Covers estimated processing and legal fees.

V082018

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