Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Freddie Mac Optigo Program
Freddie Mac Non-LIHTC Forward Loan
The Freddie Mac Non-LIHTC Forward 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 Non-LIHTC Forward Loan
Product Description: Program offers unfunded forward commitments for the following:
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
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Program Highlights & Terms
- 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
- Eligible Borrowers: 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.
- Affordability Requirements: Get Free Fredie Mac Loan Quote 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
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