Fannie Mae Manufactured Housing Community Multifamily Loan
Our Fannie Mae Multifamily Loan Benefits
Fannie Mae Multifamily Loan rates start as low as 5.88% (as of April 24th, 2024)
• A commercial mortgage broker with over 30 years of lending experience
• No upfront application or processing fees
• Simplified application process
• Financing up to 80% LTV
• Terms and amortizations up to 30 years
• Long term fixed rates
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation
Are you looking to finance the acquisition or refinance of a manufactured housing community? If so, the Fannie Mae Manufactured Housing Community Multifamily Loan program may be the perfect option for you. This program provides financing solutions tailored specifically to each deal. The pricing is extremely competitive and the speed and certainty of execution are hard to beat. These loans offer terms and amortizations of up to 30 years, are generally non-recourse and can get up to 80% LTV.
Fannie Mae Manufactured Housing Community Multifamily Loan Highlights
Property and Borrower Eligibility:
- Property must be an existing and stabilized manufactured housing community
- Must be professionally managed
- Must have at least 50 pad sites
- At least one key principal should have similar experience
- Tenant-occupied homes should not exceed 35%
- Homes should conform to applicable HUD Code standards
- Leases with 2-year terms or longer must not contain a tenant option to purchase the pad site
Term: 5 to 30 years
Amortization: Up to 30 years
Interest Rate: Both fixed and variable rate options are available
Maximum LTV: 80%
Minimum DSCR: 1.25x
Recourse: Loans are typically non-recourse with standard carve-outs for bad boy acts
Prepayment Penalty: Flexible options are available including yield maintenance and declining penalties
Other Terms:
- Loans are typically assumable
- Supplemental financing is available
- Escrows for replacement reserves, taxes and insurance are generally required
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A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"