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Fannie Mae Near-Stabilization Execution Loans

Designed for newly constructed or recently renovated properties that are expected to achieve stabilized occupancy within 120 days, the Fannie Mae Near-Stabilization Execution Loan has a minimum loan amount of $10 million and a maximum LTV allowance of 75%.

In this article:
  1. Nearly Stabilized Apartment Building and Multifamily Development Execution Financing Insured by Fannie Mae
  2. Sample Fannie Mae Terms For Near-Stabilization Execution Loans
  3. Get Financing
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Nearly Stabilized Apartment Building and Multifamily Development Execution Financing Insured by Fannie Mae

For investors looking for a source of low-rate, non-recourse permanent financing to get a recently built or renovated multifamily property through the lease-up period, Fannie Mae’s Near-Stabilization Execution Loan might be just the right solution. Designed for newly constructed or recently renovated properties that are expected to achieve stabilized occupancy within 120 days, Near-Stabilization Execution Loans are an effective loan option for investors with properties that are currently being financed with a short-term construction or renovation loan, and want to switch to a permanent financing option.

Fannie Mae Near-Stabilization Execution Loans loans offer a maximum LTV of up to 75%, fixed and variable-rate terms between 5 and 12 years, and amortizations of between 5 and 30 years. Like many other [Fannie Mae multifamily products](), these loans offer competitive interest rates and are non-recourse. Additionally, Near-Stabilization Execution Loans are fully assumable (with lender approval and a 1% fee) and are available for both affordable and market-rate properties.

Sample Fannie Mae Terms For Near-Stabilization Execution Loans

Size: Starting at $10 million

Terms: 5, 7, 10, and 12 year fixed and variable-rate loan terms available

Amortization: 5-30 years, after a 12-month interest-only loan period. The interest-only loan period may be extended in some circumstances.

Maximum LTV: Up to 75% for conventional properties, up to 90% LTV/LTC for affordable properties

Minimum DSCR: Targeted DSCR of 1.25x, or targeted DSCR of 1.15x for multifamily affordable housing (MAH) properties (targeted DSCR being the DSCR deemed possible with 4 months of rate lock, as determined by Fannie Mae and the lender)

Recourse: Loans are non-recourse with standard carve-outs for fraud and other bad acts

Prepayment Options: Yield maintenance or declining prepayment premiums

Occupancy Requirement: 75% physical occupancy, 60% economic occupancy

Eligible Borrowers: Borrowers should be in a strong financial position and have experience with successful lease-ups in the past. Single Asset Entities are preferred by many lenders, but may or may not be required.

Eligible Properties:

  • Conventional and Multifamily Affordable Housing (MAH) developments
  • Partially leased, recently built, or newly renovated properties
  • Advantages:

    • Competitive interest rates
    • Loans are non-recourse
    • 30- 180 day rate locks available after commitment (streamlined rate locks also available)
    • Supplemental financing allowed after 12 months
    • Loans are fully assumable with lender approval and 1% fee
    • Disadvantages:

      • Requires third-party reports including an Appraisal, Property Condition Assessment, and a Phase I Environmental Assessment
      • Requires a $12,500 application deposit and a $3,000 processing fee
      • Requires a 1% origination fee
      • Good faith deposit of 2% required at rate lock, which is refundable after closing
    In this article:
    1. Nearly Stabilized Apartment Building and Multifamily Development Execution Financing Insured by Fannie Mae
    2. Sample Fannie Mae Terms For Near-Stabilization Execution Loans
    3. Get Financing

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This website is owned by a company that offers business advice, information and other services related to multifamily, commercial real estate, and business financing. We have no affiliation with any government agency and are not a lender. We are a technology company that uses software and experience to bring lenders and borrowers together. By using this website, you agree to our use of cookies, our Terms of Use and our Privacy Policy. We use cookies to provide you with a great experience and to help our website run effectively.

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