Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Fannie Mae Program
Fannie Mae Choice Refinance Multifamily Loan
The Fannie Mae Choice Refinance Multifamily Loan is one of the Fannie Mae multifamily programs Select Commercial arranges nationwide. Its highlights and terms are below, and you can compare it on our Fannie Mae multifamily page or view today’s commercial mortgage rates.
Get a Free QuoteAbout the Choice Refinance Multifamily Loan
The Fannie Mae Choice Refinance Loan lets borrowers refinance flexibly with lower cost and faster execution. It is designed for borrowers with existing Fannie Mae Cash or MBS mortgage loans on well-maintained, stabilized properties, where the lender is the current servicer of the loan being refinanced.
Program Highlights & Terms
- Pre-Review: If the pre-review category for the portfolio mortgage loan is already approved by Fannie Mae, no pre-review is needed
- Borrower Analysis: Lender reviews structural documents if the borrower's organizational structure has changed, reports the ACheck result and obtains financial statements for the borrower and all key principals
- Prepayment Penalty: 1% penalty after the yield-maintenance period expires (may be reduced in certain situations, and may be paid from the proceeds of the new loan)
- Property Zoning: Borrower must certify there has been no change in zoning that impacts the property, in lieu of a full underwriting
- Other Terms: Escrows usually required for replacement reserves, taxes and insurance; a new appraisal and title policy are required; a new Phase 1 and survey usually are not
Terms are indicative and set by Fannie Mae underwriting for your specific property.
What Our Clients Say
“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“I found selectcommercial.com and saw they specialized in apartment building loans. In the end, they were by far the best company I have used. Next time I know who to call first.”
Jerry T. · Long Island, NY“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York CityGet Your Fannie Mae Quote
No cost, no obligation. Written answers within 48 hours on multifamily loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up