Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Fannie Mae Program
Fannie Mae Cooperative Property Multifamily Loan
The Fannie Mae Cooperative Property 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 Cooperative Property Multifamily Loan
The Fannie Mae Cooperative Property Loan gives cooperative organizations access to multifamily financing with competitive pricing and strong speed and certainty of execution. Terms are flexible, from 5 to 30 years with up to 30-year amortization, and loans are non-recourse.
Program Highlights & Terms
- Eligible Properties: Stabilized cooperative properties in eligible markets with an overall property condition rating of two or better
- Term: 5 to 30 years
- Amortization: Up to 30 years
- Maximum LTV: 55%
- Minimum DSCR: 1.00x for actual cooperative property operations; 1.55x for cooperative market-rental operations
- Prepayment Penalty: Yield maintenance
- Recourse: Non-recourse with standard bad-boy carve-outs
- Other Terms: Fixed interest rate; supplemental financing available; not typically assumable; escrows for replacement reserves, taxes and insurance required; management company with similar experience required; operating reserve at least 10% of annual maintenance fees; ownership over 40% by one sponsor requires additional due diligence
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