Freddie Mac Multifamily Financing

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FREDDIE MAC - MULTIFAMILY

INNOVATIVE OFFERINGS. COMPETITIVE PRICING. CERTAINTY OF EXECUTION.

Those companies that earn the coveted Freddie Mac Optigo® designation are among the nation’s best multifamily lenders, with years of experience and a proven track record. ICS is partnered with numerous Freddie Mac lenders, offering targeted solutions for affordable housing, conventional multifamily, seniors housing, small balance multifamily, and manufactured housing communities. We provide financing for the acquisition or refinancing of stabilized properties as well as specialized products for properties in lease-up and for value-add acquisitions needing short-term financing.

$1MM & Up

 

Fixed-Rate Loan

With our fixed-rate loan, you get a flexible, streamlined financing solution and certainty of execution for the acquisition or refinance of multifamily housing properties. Borrowers have a variety of options to suit their individual needs.

FAST AND FLEXIBLE FUNDING FOR A WIDE ARRAY OF PROPERTIES

  • ELIGIBLE BORROWERS
    • Borrower may be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common.
    • General partnerships, limited liability partnerships, REITs and certain trusts may also be acceptable in limited circumstances, subject to additional requirements.
    • Borrower must usually be a Single Purpose Entity (SPE) (see Section 6.13 of the Loan Agreement for basic SPE requirements); however, on loans less than $5 million, upon borrower’s request, a borrower other than a TIC may be a Single Asset Entity instead of an SPE.
    • If the borrower is structured as a TIC, each tenant in common must be an SPE.
  • ELIGIBLE PROPERTIES

    Standard multifamily housing, student housing, seniors housing, manufactured housing communities, cooperative housing and Targeted Affordable Housing Cash (e.g., LIHTC Year 4-10 and 11-15, Section 8) Loans. Loans may be used for acquisition or refinance.

  • TERMS

    5- to 10-year terms (up to 30 years if loan is not purchased for securitization).

  • AMOUNT

    Generally, $5 million to $100 million (larger and smaller loans will be considered).

  • MAXIMUM AMORTIZATION

    30 years.

  • AMORTIZATION CALCULATIONS

    Actual/360 standard; 30/360 available.

  • LOCK-OUT PERIOD

    2 years following securitization.

  • PREPAYMENT PROVISIONS

    Yield maintenance until securitized followed by 2-year lock out; defeasance thereafter. No prepayment premium for final 90 days. If loan is not securitized within first year, then yield maintenance applies until the final 90 days. Yield maintenance without defeasance is available for securitized loans at an additional cost.

  • TAX AND INSURANCE ESCROW

    Generally required.

  • REPLACEMENT RESERVE DEPOSIT

    Generally required.

  • RECOURSE REQUIREMENTS

    Non-recourse except for standard carve-out provisions.

  • SUPPLEMENTAL LOAN AVAILABILITY

    Yes, subject to requirements specified in the Loan Agreement.

  • APPLICATION FEE

    Greater of $2,000 or 0.1% of loan amount for conventional first mortgages; seniors housing loans are > $5,000 or 0.15% of loan amount; supplemental loans are > $5,000 or 0.1% of loan amount and Targeted Affordable Housing loans are > $3,000 or 0.1% of loan amount.

  • LOCK OPTIONS

    Early rate-lock option available for varying durations, typically ranging from 60 to 120 days until Freddie Mac purchase; Index Lock option is also available. Optigo lenders should consult with their regional Freddie Mac representative to determine eligibility.

  • REFINANCE TEST

    No Refinance Test is necessary if the loan has an amortizing debt coverage ratio (DCR) of 1.40x or greater and a Loan-to-Value (LTV) ratio of 60% or less.

LOAN-TO-VALUE (LTV) RATIOS AND AMORTIZING1 DEBT COVERAGE RATIOS (DCR)

  • FIXED-RATE BASE CONVENTIONAL
    MAXIMUM LTV AND
    MINIMUM DCR2

    (For specific product adjustments, refer to individual term sheets.)

  • ≥ 5-YEAR AND
    < 7-YEAR TERM

    AMORTIZING: 75% / 1.30x.
    PARTIAL-TERM INTEREST-ONLY3: 75% / 1.30x.
    FULL-TERM INTEREST-ONLY: 65% / 1.40x.

  • 7-YEAR TERM

    AMORTIZING: 80% / 1.25x.
    PARTIAL-TERM INTEREST-ONLY3: 80% / 1.25x.
    FULL-TERM INTEREST-ONLY: 70% / 1.35x.

  • > 7-YEAR TERM

    AMORTIZING: 80% / 1.25x.
    PARTIAL-TERM INTEREST-ONLY3: 80% / 1.25x.
    FULL-TERM INTEREST-ONLY: 70% / 1.35x.

1The DCR calculated for the partial-term interest-only and full-term interest-only period uses an amortizing payment.
2Adjustments may be made depending on the property, product and/or market.
3For partial-term interest-only loans, there must be a minimum amortization period of 5 years for loans with terms greater than 5 years.
Acquisition loans with 5-year terms may have up to 1 year of partial-term interest-only. For terms of 10 years or more, loans may have interest only in an amount equal to no more than half of the loan term.


In its prequalifying review, Lument will attempt to estimate both the loan amount and the fees and costs associated with the transaction. Actual loan amounts and actual fees and expenses may vary from the prequalifying estimates. A prequalifying estimate is not a commitment to make a loan.

Small Balance Loans

As a leader in multifamily financing, we’re changing the way small apartment loans are done by giving you more choices, better terms, and a faster, simpler loan process. It’s financing that fits your needs.

Benefit from a combination of features not available anywhere else and get personal service from in-market experts who specialize in creative solutions for single and pooled loans. Plus, we’ll get you to the closing table on time. Whether your goal is to grow your portfolio, improve returns on existing assets, or meet other financial goals, we have the strength, expertise, and reliability to get you there.

FAST, FLEXIBLE AND COST-EFFECTIVE

  • AMOUNT

    Up to $7.5 million in all markets.

    Note: Deals greater than $6 million and up to $7.5 million in small and very small Markets may be permitted subject to Freddie’s approval of an exception request.

  • UNIT LIMITATIONS
    • Loan amount ≤ $6 million: no unit limitations.
    • Loan amount > $6 million and ≤ $7.5 million: up to 100 units (exceptions permitted above 100 units).
  • LOAN PURPOSE

    Acquisition or refinance.

  • LOAN TERMS

    20-year hybrid ARM with initial 5-, 7-, or 10-year fixed-rate period. 5-, 7-, or 10-year fixed-rate loan.

  • AMORTIZATION

    Up to 30 years.

  • INTEREST-ONLY

    Partial-term interest-only; full-term interest-only may be available.

  • PREPAYMENTS

    Declining schedules and yield maintenance available for all loan types; please refer to the chart on page 3.

  • ELIGIBLE BORROWERS/BORROWING ENTITIES

    Up to $6 million: Individuals who are U.S. citizens; limited partnerships; limited liability companies; Single Asset Entities; Special Purpose Entities; tenancy in common with up to five unrelated members; and Trusts (irrevocable trusts and revocable trusts with an individual guarantor).

    Between $6 million and $7.5 million – Single Asset Entities.

  • RECOURSE

    Non-recourse with standard carveout provisions required.

  • SUBORDINATE DEBT

    Not Permitted.

  • NET WORTH AND LIQUIDITY
    • Minimum Net Worth: Equal to the loan amount.
    • Minimum Liquidity: Equal to 9 months of principal and interest.
  • ELIGIBLE PROPERTIES

    Multifamily housing with five1 residential units or more, including:

    • Cooperatives in the five boroughs of New York City and Long Island.
    • Properties with tax abatements.
    • Seniors housing with no resident services.
    • Properties with space for certain commercial (non-residential) uses2.
    • Properties with tenant-based housing vouchers.
    • Low-Income Housing Tax Credit (LIHTC) properties with Land Use Restriction Agreements (LURAs) that are in either the final 24 months of the initial compliance period or the extended use period (investor must have exited)3.
    • Properties with local rent subsidies for 10% or fewer units where the subsidy is not contingent on the owner’s initial or ongoing certification of tenant eligibility3.
    • Properties with certain regulatory agreements that impose income and/or rent restrictions, provided all related funds have been disbursed3.

    1 Entity borrower required for properties in New Jersey with less than seven units.
    2 Contact your Freddie Mac representative for details.
    3 Available for properties with 75 units or less; requires pre-screen approval from Freddie Mac SBL Production.

  • INELIGIBLE PROPERTIES
    • Seniors housing with senior care services.
    • Student housing (greater than 50% concentration).
    • Military housing (greater than 50% concentration).
    • Properties with project-based housing assistance payment contracts (including project-based Section 8 HAP contracts).
    • LIHTC properties with LURAs in compliance years 1 through 12.
    • Historic Tax Credit (HTC) properties with a master lease structure.
    • Tax-exempt bonds Interest Reduction Payments (IRPs).
  • OCCUPANCY

    Property must be stabilized at:
    A. 90% physical occupancy for the trailing 3-month average prior to Underwriting, or
    B. 85% physical occupancy for the trailing 3-month average prior to Underwriting if the subject property has any of the following characteristics:
    i. Property is recently built or renovated in a Top Market.
    ii. Property is <30 units.
    iii. Acquisition with all the following:

    1. Sophisticated acquiring sponsorship and management relative to current ownership.
    2. Appraised occupancy and/or rents materially higher than subject’s current operations.
    3. Subject property has not experienced volatile historical occupancy swings.
    4. No history of serious crime at the subject property.
  • REPLACEMENT RESERVES

    Underwritten replacement reserves will be determined based on a rating established in the streamlined PNA. The rating will estimate the level of improvements needed over the life of the loan. The rating scale will be similar to below:

    • Amount-200; Level-Low
    • Amount-250: Level-Moderate
    • Amount-300; Level-High
  • ESCROWS
    • Real estate tax escrow deferred for deals with an LTV ratio of 65% or less. Insurance escrow deferred.
    • Replacement reserve escrow deferred.
  • RATE-LOCK

    60- to 120-day rate-lock period available.

FIXED-RATE/HYBRID ARM LTV RATIOS AND AMORTIZING DCRS

LTV and DCR requirements vary based on the market tier in which the property resides: Top Market, Standard Market, small Market, or Very small Market. To determine market tier, please consult the SBL Market Tiering list on our Originate and Underwrite page.

  • TOP SBL MARKETS
    • Minimum Amortizing DCR: 1.20x1.
    • Maximum LTV: 80%.
  • STANDARD SBL MARKETS
    • Minimum Amortizing DCR: 1.25x.
    • Maximum LTV: 80%.
  • SMALL SBL MARKETS
    • Minimum Amortizing DCR: 1.30x1.
    • Maximum LTV: 70%2.
  • VERY SMALL SBL MARKETS
    • Minimum Amortizing DCR: 1.40x1.
    • Maximum LTV: 70%2.

    1Minimum 1.25x Amortizing DCR for loans greater than $6 million.
    2Maximum 75% LTV for Acquisitions.

FULL-TERM INTEREST-ONLY (IO) ADJUSTMENTS

Full-Term IO or Full-Term IO during Fixed-Rate Period of Hybrid ARM.

  • TOP AND STANDARD SBL MARKETS
    • Add to the Baseline: 015x.
    • Maximum LTV: 65%.
  • SMALL AND VERY SMALL SBL MARKETS
    • Add to the Baseline: 010x.
    • Maximum LTV: 60%.
  • Maximum available Partial IO Period for small and Very Small SBL Markets is limited to:

    • 0 years on 5-year term.
    • 1 year for a 7-year term.
    • 2 years for a 10-year term/20-year hybrid.

PREPAYMENT PROVISIONS

  • FIXED RATE
  • OPTION 1
    • 5-Year: 54321.
    • 7-Year: 5544321
    • 10-Year: 5544332211.
  • OPTION 22
    • 5-Year: 321(3).
    • 7-Year: 3(2)2(2)1(3).
    • 10-Year: 3(3)2(3)1(4).
  • OPTION 33
    • 5-Year: (YM or 1%).
    • 7-Year: (YM or 1%).
    • 10-Year: (YM or 1%).
  • OPTION 45
    • 5-Year: 310(3).
    • 7-Year: N/A.
    • 10-Year: N/A.

  • HYBRID ARMS1
  • OPTION 1
    • 5+15 Year: 54321, 1%.
    • 7+13 Year: 5544321, 1%.
    • 10+10 Year: 5544332211, 1%.
  • OPTION 22
    • 5+15 Year: 321(3), 1%.
    • 7+13 Year: 3(2)2(2)1(3), 1%.
    • 10+10 Year: 3(3)2(3)1(4), 1%.
  • OPTION 34
    • 5+15 Year: (YM or 1%), 1%.
    • 7+13 Year: (YM or 1%), 1%.
    • 10+10 Year: (YM or 1%), 1%.
  • OPTION 45
    • 5+15 Year: 310(3), 0%.
    • 7+13 Year: N/A.
    • 10+10 Year: N/A.

Floating-Rate Loan

Our floating-rate loan is ideal for borrowers who want to take advantage of lower, short-term rates with prepayment flexibility. You get a streamlined yet flexible financing solution at our lowest, most competitive note rate. Choose from a variety of interest rate cap coverage and prepayment provision options to suit the borrower’s loan characteristics and needs.

LOW RATES, CUSTOMIZED TERMS AND CERTAINTY OF EXECUTION

  • ELIGIBLE BORROWERS
    • Borrower may generally be a limited partnership, corporation, limited liability company, or a tenancy in common (TIC) with 10 or fewer tenants in common.
    • General partnerships, limited liability partnerships, REITs and certain trusts may also be acceptable in limited circumstances, subject to additional requirements.
    • Borrower must generally be a Single Purpose Entity (SPE) (see Section 6.13 of the Loan Agreement for basic SPE requirements); however, on loans less than $5 million, upon borrower’s request, a borrower other than a TIC may be a Single Asset Entity instead of an SPE.
    • If the borrower is structured as a TIC, each tenant in common must be an SPE.
  • ELIGIBLE PROPERTY TYPES

    Standard multifamily housing, student housing, seniors housing, manufactured housing communities and Targeted Affordable Housing (e.g., cash LIHTC Year 4-10 and 11-15, Section 8 loans); conventional structured transactions. Floating-rate loans are not available for cooperative housing.

  • TERMS

    5-, 7- and 10-year terms.

  • AMOUNT

    Generally, $5 million to $100 million (Smaller and larger loans will be considered).

  • PRICING INDEX

    30-day Average SOFRs.

  • EARLY RATE-LOCK OPTION

    Early rate-lock option available for varying durations, typically ranging from 60 to 120 days from rate-lock until Freddie Mac purchase; Optigo lenders should consult with their regional Freddie Mac representative to determine eligibility.

  • INTEREST-ONLY PERIOD

    Partial-term and full-term interest-only available; see chart below and related footnotes.

  • INTEREST RATE CAP

    Expanded the number of cap options available. Borrower may obtain its own cap coverage from a third-party provider (see our Approved Counterparties List for a list of approved providers, which we have increased); see the Interest-Rate Cap Options for Floating-Rate Cash Loans with a 7-Year Term example. No cap necessary for loans with a Loan-to-Value (LTV) ratio of less than 60%.

  • MAXIMUM AMORTIZATION

    30 years.

  • AMORTIZATION CALCULATIONS

    Actual/360.

  • LOCK-OUT/PREPAYMENT PROVISIONS

    Four lock-out/prepayment options available (see chart below) with no premium for final 90 days; other options are available for loans that are not intended to be securitized. Borrowers should contact a Freddie Mac Multifamily Optigo lender for more information; Optigo lenders should contact their Freddie Mac representative.

  • TAX AND INSURANCE ESCROW

    Generally required.

  • REPLACEMENT RESERVE DEPOSIT

    Generally required.

  • RECOURSE REQUIREMENTS

    Non-recourse except for standard carve-out provisions.

  • SUPPLEMENTAL LOAN AVAILABILITY

    Yes, subject to requirements specified in the Loan Agreement.

  • APPLICATION FEE

    Greater of $2,000 or 0.1% of loan amount for conventional first mortgages; supplemental and seniors housing loans are > $5,000 or 0.15% of loan amount; supplemental loans are > $5,000 or 0.1% of loan amount and Targeted Affordable Housing loans are > $3,000 or 0.1% of loan amount.

  • REFINANCE TEST

    No Refinance Test is necessary if the loan has an amortizing debt coverage ratio (DCR) of 1.40x or greater and a LTV ratio of 60% or less.

LOCK-OUT/PREPAYMENT PROVISIONS

You can choose from four prepayment provisions when structuring Freddie Mac standard, capped, or uncapped floating-rate loans. Each option offers no prepayment premium for the last 90 days of the loan term.

  • PREPAYMENT PREMIUM
  • OPTION 1
    • Year 1: Locked Out.
    • Year 2: 1%.
    • Year 3: 1%.
    • Year 4: 1%.
    • Year 5: 1%.
    • Year 6: 1%.
    • Year 7: 1%.
    • Year 8: 1%.
  • OPTION 2
    • Year 1: 3%.
    • Year 2: 2%.
    • Year 3: 1%.
    • Year 4: 1%.
    • Year 5: 1%.
    • Year 6: 1%.
    • Year 7: 1%.
    • Year 8: 1%.
  • OPTION 3
    • Year 1: 5%.
    • Year 2: 4%.
    • Year 3: 3%.
    • Year 4: 2%.
    • Year 5: 1%.
    • Year 6: 1%.
    • Year 7: 1%.
    • Year 8: 1%.
  • OPTION 4 (ONLY FOR 10-YR CAPPED FLOATING-RATE LOAN)
    • Year 1: 7%.
    • Year 2: 6%.
    • Year 3: 5%.
    • Year 4: 4%.
    • Year 5: 3%.
    • Year 6: 2%.
    • Year 7: 1%.
    • Year 8: 1%.

LOAN-TO-VALUE (LTV) RATIOS AND AMORTIZING1 DEBT COVERAGE RATIOS (DCR)

  • FIXED-RATE BASE CONVENTIONAL MAXIMUM LTV AND MINIMUM DCR2

    (For specific product adjustments, refer to individual term sheets.)

  • ≥ 5-YEAR AND
    < 7-YEAR TERM
    • AMORTIZING: 75% / 1.30x.
    • PARTIAL-TERM INTEREST-ONLY3: 75% / 1.30x.
    • FULL-TERM INTEREST-ONLY: 65% / 1.40x.
  • 7-YEAR TERM
    • AMORTIZING: 80% / 1.25x.
    • PARTIAL-TERM INTEREST-ONLY3: 80% / 1.25x.
    • FULL-TERM INTEREST-ONLY: 70% / 1.35x.
  • > 7-YEAR TERM
    • AMORTIZING: 80% / 1.25x.
    • PARTIAL-TERM INTEREST-ONLY3: 80% / 1.25x.
    • FULL-TERM INTEREST-ONLY: 70% / 1.35x.

Lease-Up Loan

In today’s market, new properties are in high demand. Borrowers want to take advantage of low interest rates early in the process. Our Lease-Up Loan allows borrowers to lock in a rate and fund a loan before the collateral is fully stabilized.

LOCK IN LOW INTEREST RATES BEFORE STABILIZATION

REFINANCE LEASE-UP

  • PRODUCT DESCRIPTION

    Refinancing for newly constructed properties.

  • ELIGIBLE BORROWERS

    Borrowers must have experience with new construction and/or lease-up properties, and generally have strong financial capacity and real estate management expertise with good performance and credit history.

  • ELIGIBLE PROPERTY TYPES
    • Well-constructed properties exhibiting strong lease-up trends in good locations and strong markets.
    • Student housing and manufactured housing community transactions are not eligible.
    • Stabilization expected within 12 months of closing.
  • LOAN TYPES
    • Fixed- and floating-rate loans.
    • Interest-only (I/O) available during the lease-up period.
    • See the Fixed-Rate Loan and Floating-Rate Loan term sheets for details.
  • MAXIMUM LOAN-TO-VALUE (LTV) RATIO (AS STABILIZED)
    • 75% (Conventional and Targeted Affordable).
    • 70% (Seniors Housing with Independent Living and/or Assisted Living).
  • MINIMUM DEBT COVERAGE RATIO (DCR)
    • 1.30x (Conventional and Targeted Affordable).
    • 1.35x (Seniors Housing with Independent Living).
    • 1.45x (Seniors Housing with Assisted Living).
  • MINIMUM CASH EQUITY REQUIREMENT
    • 15% (Conventional and Targeted Affordable).
    • 20% (Seniors Housing with Independent Living and/or Assisted Living).
  • LEASE-UP CREDIT ENHANCEMENT
    • A Lease-Up Credit Enhancement is required for all Lease-Up transactions
    • The form of the Lease-Up Credit Enhancement will be determined by Freddie Mac.
    • The Lease-Up Credit Enhancement must be at least 5% of the unpaid principal balance (10% if the Lease-Up Credit Enhancement is a guaranty, subject to additional conditions).
    • Release of Lease-Up Credit Enhancement will occur once the property has achieved the required amortizing DCR based on average performance of the past 3 months, net rental income for the past 1 month meets or exceeds the level necessary to reach the required amortizing DCR, and has met other standard conditions as set forth by Freddie Mac.
    • If the required DCR is not reached within 12 months, the Lease-Up Credit Enhancement will be used to resize the loan and recast the payments.
  • CLOSING DEBT SERVICE ESCROW

    An additional 3-month debt service escrow may be required based on the property’s actual operations at underwriting.

  • RATE LOCK
    • 50% occupied.
    • 60% leased.
    • 60% or more Certificates of Occupancy issued.
  • CLOSING
    • 1.05x DCR.
    • 65% occupied.
    • 75% leased.
    • 100% of Certificates of Occupancy issued (Conventional and Targeted Affordable).
    • 90% of Certificates of Occupancy issued (Seniors Housing with Independent Living and/or Assisted Living).
    • Assisted Living properties must have all required licenses authorizing operations.
  • APPRAISAL REPORT

    The appraisal report must provide the as-is and as-stabilized values for the property.

  • PREMIER SPONSORS AND MARKETS

    Except for Seniors Housing, additional flexibility available on a case-by-case basis through an assessment of the sponsor and market as determined by Freddie Mac.

ACQUISITION LEASE-UP

  • PRODUCT DESCRIPTION

    Acquisition financing for newly constructed properties.

  • ELIGIBLE BORROWERS

    Borrowers must have experience with new construction and/or lease-up properties, and generally have strong financial capacity and real estate management expertise with good performance and credit history.

  • ELIGIBLE PROPERTY TYPES
    • Well-constructed properties exhibiting strong lease-up trends in good locations and strong markets.
    • Student housing and manufactured housing community transactions are not eligible.
    • Stabilization expected within 12 months of closing.
  • LOAN TYPES
    • Fixed- and floating-rate loans.
    • Interest-only (I/O) available during the lease-up period.
    • See the Fixed-Rate Loan and Floating-Rate Loan term sheets for details.
  • MAXIMUM LOAN-TO-VALUE (LTV) RATIO (AS STABILIZED)
    • 70% (Conventional and Targeted Affordable).
    • 70% (Seniors Housing with Independent Living and/or Assisted Living).
  • MINIMUM DEBT COVERAGE RATIO (DCR)
    • 1.30x (Conventional and Targeted Affordable).
    • 1.35x (Seniors Housing with Independent Living.
    • 1.45x (Seniors Housing with Assisted Living).
  • MINIMUM CASH EQUITY REQUIREMENT
    • 25% (Conventional and Targeted Affordable).
    • 25% (Seniors Housing with Independent Living and/or Assisted Living).
  • LEASE-UP CREDIT ENHANCEMENT
    • A Lease-Up Credit Enhancement is required for all Lease-Up transactions.
    • The form of the Lease-Up Credit Enhancement will be determined by Freddie Mac.
    • The Lease-Up Credit Enhancement must be at least 5% of the unpaid principal balance (10% if the Lease-Up Credit Enhancement is a guaranty, subject to additional conditions).
    • Release of Lease-Up Credit Enhancement will occur once the property has achieved the required amortizing DCR based on average performance of the past 3 months, net rental income for the past 1 month meets or exceeds the level necessary to reach the required amortizing DCR, and has met other standard conditions as set forth by Freddie Mac.
    • If the required DCR is not reached within 12 months, the Lease-Up Credit Enhancement will be used to resize the loan and recast the payments.
  • CLOSING DEBT SERVICE ESCROW

    An additional 3-month debt service escrow may be required based on the property’s actual operations at underwriting.

  • RATE LOCK
    • 50% occupied.
    • 60% leased.
    • 60% or more Certificates of Occupancy issued.
  • CLOSING
    • 1.0x DCR.
    • 65% occupied.
    • 75% leased.
    • 100% of Certificates of Occupancy issued (Conventional and Targeted Affordable).
    • 90% of Certificates of Occupancy issued (Seniors Housing with Independent Living and/or Assisted Living).
    • Assisted Living properties must have all required licenses authorizing operations.
  • APPRAISAL REPORT

    The appraisal report must provide the as-is and as-stabilized values for the property.

  • PREMIER SPONSORS AND MARKETS

    Except for Seniors Housing, additional flexibility available on a case-by-case basis through an assessment of the sponsor and market as determined by Freddie Mac.