Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Freddie Mac Optigo Program
Freddie Mac Floating-Rate Loan
The Freddie Mac Floating-Rate Loan is one of the Freddie Mac multifamily (Optigo) programs Select Commercial arranges nationwide. Its highlights and terms are below, and you can compare it on our Freddie Mac multifamily page or view today’s commercial mortgage rates.
Get a Free QuoteAbout the Floating-Rate Loan
Loan size: $5-$100 million (will consider smaller and larger loans on a case by case basis)
Recourse: Loans are non-recourse except for industry standard “bad boy” carve outs
Loan Assumability: Loans are assumable with lender’s permission. A fee of 1% assumption fee will be payable to Freddie Mac.
Program Highlights & Terms
- Loan size: $5-$100 million (will consider smaller and larger loans on a case by case basis)
- Use: Acquisition or Refinance
- Terms: 5, 7 and 10 year terms are available
- Amortization: Up to 30 years
- Interest Only: Partial term and full term IO is available
- 5 Year Loan: Amortizing: 75% LTV; Partial Term Interest-Only: 75% LTV; Full Term Interest-Only: 65% LTV
- 7 Year Loan: Amortizing: 80% LTV; Partial Term Interest-Only: 80% LTV; Full Term Interest-Only: 70% LTV
- 10 Year Loan: Amortizing: 80% LTV; Partial Term Interest-Only: 80% LTV; Full Term Interest-Only: 70% LTV
- 5 Year Loan: Amortizing: 1.30% DSCR; Partial Term Interest-Only: 1.30% DSCR; Full Term Interest-Only: 1.40% DSCR
- 7 Year Loan: Amortizing: 1.25% DSCR; Partial Term Interest-Only: 1.25% DSCR; Full Term Interest-Only: 1.35% DSCR
- 10 Year Loan: Amortizing: 1.25% DSCR; Partial Term Interest-Only: 1.25% DSCR; Full Term Interest-Only: 1.35% DSCR
- Recourse: Loans are non-recourse except for industry standard “bad boy” carve outs
- Loan Assumability: Loans are assumable with lender’s permission. A fee of 1% assumption fee will be payable to Freddie Mac.
- Tax and Insurance Escrow: Typically Required
- Replacement Reserves: Typically Required
- Eligible Property Types: Get Free Fredie Mac Loan Quote Standard multifamily housing; Student housing; Senior housing; Manufactured housing communities; Targeted Affordable Housing
Terms are indicative and set by Freddie Mac 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 Freddie Mac 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