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Freddie Mac Bridge to Resyndication Loans

The Freddie Mac Bridge to Resyndication loan program makes acquiring or refinancing a property with expiring Low-Income Housing Tax Credits (LIHTCs) easier.

In this article:
  1. Bridge Loans for the Acquisition or Refinancing of Low-Income Housing Tax Credit-Eligible Properties Insured by Freddie Mac
  2. 2021 Sample Freddie Mac Terms For Bridge to Resyndication Loans
  3. Get Financing
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Bridge Loans for the Acquisition or Refinancing of Low-Income Housing Tax Credit-Eligible Properties Insured by Freddie Mac

Investors considering the acquisition or refinance of a property with expiring Low-Income Housing Tax Credits might agree that the Freddie Mac Bridge to Resyndication loan program is the best loan to get the job done. Acquiring or refinancing a property with expiring Low-Income Housing Tax Credits (LIHTCs) can sometimes be a challenge, but Freddie Mac’s Bridge to Resyndication loans provide effective short-term financing that helps properties position themselves for longer-term financing, which can facilitate the acquisition of new LIHTC credits. These loans have a term of 24-months and permit LTVs of up to 85%, DSCRs as low as 1.15x, and are interest-only. Additionally, the program supports eligible mixed-use properties and allows for one, 6-month loan extension (with lender approval).

2021 Sample Freddie Mac Terms For Bridge to Resyndication Loans

Size: Varies based on LTV and DSCR requirements.

Use: Preservation of affordable housing. Provides short-term financing to assist borrowers in the acquisition or refinance of Low-Income Housing Tax Credit (LIHTC) eligible properties.

Terms: 24-month loan with one 6-month extension (requires approval)

Interest Rate: Floating-rate, interest-only loan. Typically based on 1-month LIBOR.

Maximum LTV: 85%

Minimum DSCR: 1.15x

Eligible Borrowers: Developers with strong financial capacity who have successfully completed multiple resyndications using 4% LIHTCs and tax-exempt debt.

Eligible Properties:

  • LIHTC properties at or nearing the end of their compliance period with LIHTC rents
  • Good construction; may require some repairs (but repairs will not be completed during the loan period unless they are of a life-saving/emergency nature)
  • Must demonstrate that a public agency has the ability to issue enough tax-exempt, Volume Cap Mortgage Revenue Bonds for the property, using a predictable process
  • A loan agreement rider will include specific benchmarks, including future rehabilitation plans for the property, benchmark dates, bond inducement resolution, and a commitment from an LIHTC investor
  • Subordinate Debt: Must be fully amortizing. Hard subordinate debt requiring the repayment of principal is only allowed if issued by a public sector entity. For soft subordinate debt, payment cannot be more than 75% of available cash flow.

    Cash Equity Requirement: 15% if the property has been owned less than 3 years

    Occupancy Requirement: Minimum occupancy determined by using the comparable fixed-rate to achieve a 1.0x DSCR.

    Advantages:

    • Up to 85% LTV allowance
    • Eligible mixed-use properties supported
    • Loans are interest-only
    • Subordinate debt allowed under certain circumstances
    • Disadvantages:

      • Requires third-party reports including Phase I Environmental Assessment, Appraisal, and Physical Needs Assessment
      • 2% potential breakage fee
      • 2% exit fee (not charged if the loan is refinanced with another Freddie Mac loan product)
      • Also typically requires a 2% rate lock fee (refunded when Freddie Mac purchases loan, typically 30 days after closing)
    In this article:
    1. Bridge Loans for the Acquisition or Refinancing of Low-Income Housing Tax Credit-Eligible Properties Insured by Freddie Mac
    2. 2021 Sample Freddie Mac Terms For Bridge to Resyndication Loans
    3. Get Financing

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