Conventional Properties
Fannie Mae DUS®
Fannie Mae Multifamily provides first lien permanent mortgage loan financing options for the acquisition or refinance of conventional multifamily properties.
Benefits
- Flexible loan terms
- Competitive pricing
- Certainty of execution
- Speed in processing and underwriting
Eligibility
- Existing, stabilized conventional properties
- Properties with a minimum of five units
- Credit-worthy single-asset U.S. borrower with U.S. ownership
- Borrowers may have indirect foreign ownership interest, subject to proper structuring of the borrowing entity and its parent
| Term | 5-30 years. |
| Amortization | Up to 30 years. |
| Interest Rate | Fixed-rate and variable-rate options available. |
| Maximum LTV | 80% |
| Minimum DSCR | 1.25x |
| Property Considerations | Properties must have stabilized occupancy (typically 90%) for 90 days prior to funding. Loan commitments for pre-stabilized properties will be considered on a case-by-case basis. |
| Supplemental Financing | Supplemental Mortgage Loans are available. |
| Prepayment Availability | Loans may be voluntarily prepaid upon payment of yield maintenance for fixed-rate loans and declining prepayment premium for variable-rate loans. |
| Rate Lock | 30-day to 180-day commitments. Borrowers may rate lock using the Streamlined Rate Lock option. |
| Accrual | 30/360 and Actual/360. |
| Recourse | Non-recourse execution is available for most loans greater than $750,000. Standard carve-outs required for “bad acts” such as fraud and bankruptcy. |
| Escrows | Replacement reserve, tax, and insurance escrows are typically required. |
| Third-Party Reports | Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment. |
| Assumption | Loans are typically assumable, subject to review and approval of the proposed new borrower’s financial capacity and experience. |
During the HomeStreet Bank pre-qualification review, our Commercial Real Estate Group team members will estimate the loan amount and associated transaction fees. Actual loan amounts and transaction-related expenses may vary. A pre-qualification estimate is not a loan commitment.
Terms and conditions may apply.
Fannie Mae® is a registered trademark of Fannie Mae. DUS® is a registered trademark of Fannie Mae.
All loans subject to approval.
