Freddie Mac Non-LIHTC Forward Multifamily Loans
Our Multifamily Loan Benefits
Multifamily Loan rates start as low as 2.74% (as of January 19th, 2022)
• 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
Freddie Mac’s Non-LIHTC Forward Multifamily Loans helps to both create and maintain affordable housing through flexible transaction terms and certainty of execution at lower expense to the borrower. Whether the subject property is new construction or a major rehabilitation project, investors are able to procure the loans they need for affordable multifamily properties funded by public or mission-driven financial investment. This program offers both non-profits and for-profits forward commitments to provide permanent financing upon the successful conversion of the property from the construction phase to the permanent phase. It offers up to 80% LTV with 30 year amortizations. Borrowers looking for unique pricing and execution to create affordable housing should definitely take a look the Freddie Mac Non-LIHTC Forward Multifamily Loan program.
Freddie Mac Non-LIHTC Forward Multifamily Loan Highlights
Product Description: Program offers unfunded forward commitments for the following:
- Affordable housing developed by nonprofits
- Affordable and subsidized housing developed by for-profit developers for construction of new multifamily properties or significant rehabilitation.
Eligible Property Types: To-be-constructed or substantially rehabilitated garden, mid-rise, or high-rise multifamily property with either mission-driven or public financial investment
Terms: Fixed rates up to 30 years and floating rates up to 10 years
Construction Loan Term: Up to 36 months
Amortization: Up to 30 years
LTV: Maximum of 80%
DSCR: Minimum of 1.25x
Prepayment Penalty: Yield maintenance or defeasance
- For Profit Borrowers- at least 10% of the first mortgage UPB must be quantified as a public or mission driven financial investment
- Not For Profit Borrowers- Sponsor needs to be a 501(c)(3) whose primary purpose and tax-exempt status depends on providing affordable housing. In addition, the GP or managing member must be a non profit entity.
- 10% of the units must have rents of no higher than 80% of AMI for term of the loan
- Another 70% of the units must be affordable at or below 80% of AMI, but do not require rent and income restrictions.
- 20% of the units are allowed to be at market rents
Recent TRUSTPILOT Reviews
Select Commercial Funding Reviews from TRUSTPILOT
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!"