Freddie Mac apartment/multifamily financing is one of Apartment Loan Store's lowest rate apartment loan programs. These loans are sold to Freddie Mac for securitization in mortgage pools on Wall Street. Freddie Mac’s multifamily loan program includes market rate, senior housing, student housing and affordable housing.
Freddie Mac Apartment loans can be fixed for 5, 7 or 10 years, and have a 30 year amortization and interest only options of from 1 – 10 years. These loans are less stringent to qualify for than conventional bank multifamily financing. Loans are made primarily to the property. In most cases tax returns are not required and credit scores can be as low as 660. Freddie Mac Apartment loans are typically non-recourse.
Freddie Mac Apartment Loan Terms and Requirements:
|Minimum Loan $1,000,000||Minimum Credit Score 660|
|Up to 80% Loan to Value||Net Worth equal to loan size|
|30 year amortization||9 – 12 months post closing liquidity required|
|5,7 and 10 year fixed rates||No replacement reserves|
|Converts to an ARM||Non-recourse|
|Interest Only for 1 – 10 years||Tax Returns not required|
|Assumable||Step down prepayment available|
|90% occupancy for 90 days||DSCR: 1.20 – 1.25|
Need help calculating your DSCR? Try our free Debt Service Coverage Ratio Calculator here.
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