Fannie
Mae's Tax-Exempt Bond Credit Enhancement Product offers AAA credit
enhancement for both fixed and variable rate bonds as well as 501(c)(3)
bonds. The AAA rating makes it possible to secure the lowest possible
interest rate in the marketplace while our delegated authority from Fannie
Mae makes our process simpler and faster to meet all allocation deadlines.
Competitive fees make it attractive. Adjusted cap rates make for higher
LTV's. Additionally, Fannie Mae's Structured 15 Year Cap for 4% LIHTC
properties can now take the anxiety out of variable rate financing. It
provides all the benefits of a longer term cap without the additional
costs. Structured schedules and strike rates result in a substantial
savings as compared to the standard 15 year cap. No one has PNC ARCS'
experience with Fannie Mae products. With over $18 billion in loan
production, we're Fannie Mae's #1 DUSTM lender year after year, and we are currently servicing more than $3 billion in loans for affordable housing. Our acknowledged leadership in multifamily financing and our proven experience with the intricate process of bond financing will provide for a fast, smooth, reliable execution.
No one has PNC ARCS' experience with Fannie Mae products. With over $18 billion in loan production, we're Fannie Mae's #1 DUSTM lender year after year. And we are currently servicing more than $3 billion in loans for affordable housing. Our acknowledged leadership in multifamily financing and our proven experience with the intricate process of bond financing will provide for a fast, smooth, reliable execution.
Beyond the benefits of any specific lending product, PNC ARCS' expertise and unwavering commitment to extraordinary customer service are what set us apart from the rest. And with specialists in affordable housing, seniors housing, student housing, manufactured housing communities, mezzanine/ bridge financing, FHA multifamily, and capital markets, we can help meet your most critical financial and timing needs. No one delivers more.
Product overview
Eligibility For all multifamily property types that qualify for
tax-exempt bond financing
Loan amounts $3 million minimum No maximum
Term/amortization Up to 30 year term
Up to 30 year amortization
Interest rates
Fixed and variable rates available .
Debt service coverage ratio 1.20x minimum
Loan to value Variable rate - 80% maximum Fixed rate - 90% maximum
Interest rate caps For variable
rate bonds, interest rate caps must be purchased from a third-party
provider for a minimum of 5 years. Structured 15 year cap is available at
substantial savings.
Personal recourse Non-recourse with standard "Carve-Outs" and Key Principal obligations