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Tax-Exempt Bond Credit Enhancement


loan products:

fannie mae
Fixed Rate
ARM
DMBS
Tax-Exempt Bond Credit
 Enhancement

3MaxExpress
Seniors
Student
MHC
Structured ARM
DUS PLUS
Custom Loan Options

freddie mac
Fixed Rate
Float-to-Fixed-to-Float
Capped ARM
Tax-Exempt Bond Credit Enhancement
Interest Only

capital markets
Multifamily
Retail
Office
Industrial

fha
FHA Section 221(d)(3)&(4)
FHA Section 223(f)
FHA Section 223(a)(7)
FHA Section 232
FHA Section 242

other
Bridge
Mezzanine

additional information
interest rate calculation
prepayment options
supplemental mortgages
Fannie Mae Tax-Exempt Bond Credit Enhancement
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

Prepayment   Click for more information
Fee maintenance with 1% minimum

Origination fee
1% or less when applicable

Commitment fee
1% (refundable)

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and surveys may also be required.

Minimum occupancy requirement
90% sustained for 90 consecutive days

Replacement reserve impounds
Required - not less than $200/unit

Taxes and insurance impounds
Required

Assumability
Assumable with lender approval and a 1% fee Taxable tails for additional financing Fixed or adjustable

Taxable tails for additional financing
Fixed or adjustable

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