Fannie Mae Master Credit Facility Agreement

Presumption: in the case of conventional financing, the acquisition is not allowed on an individual basis, but the entire credit line can be taken over with authorization. Tax-exempt finance mortgages can only be taken over if they are released from the line of credit. 15-year credit facility, with loans of 5 to 15 years for maturity managers. Covenants: While this is often the case, the liquidity and net asset arrangements of borrowers and corporate sponsors may include variable-rate structured loans: the ARM structured product is intended for the purchase or refinancing of existing, stabilized traditional and manufactured colocations. Seniors` housing, student housing and moderate rehabilitation mortgages may be eligible on a case-by-case basis. Affordable housing, improved bond loans and a major renovation are not eligible. The minimum loan amount is $25 million, the maximum LTV is 75%, the minimum DSCR is 1.0 times more, and the maturities are 5 to 10 years. Lender Fannie Mae or a third party can serve the mortgages. The Master Servicer is responsible for day-to-day credit service practices, including credit collection, fiduciary account management, analysis of financial statements, verification of guarantees, and verification of borrower approval requests. All mortgages in difficulty are usually sent to the special service provider. The specialist service provider is responsible for the preparation of usual work-out tasks, including extending the lifespan, restructuring mortgages, appointing receivers, enforcing the lender`s participation in secure real estate, managing seized real estate and selling the property. In some situations, service managers assign part of their responsibilities to a principal or sub-service to maintain the level of service if they need additional support. Up to 30 years for the improvement of the tax-exempt bond credit at a fixed or variable rate.

Credit Facility Program: Fannie Maes Multifamily Mortgage Business offers a structuring option for credit facilities, which allows borrowers to arrange financing terms for a group of real estate on a secure and risk-secure basis, with real estate unlocking, real estate substitution, real estate complement, borrowing and expansion capabilities. Credit Assumption: Fannie Mae`s mortgages are due for a 1% tax, but the new borrower (i.e. buyer) must qualify by meeting the initial underwriting standards. This is typically the case when the borrower wants to sell the commercial property that insures the loan and the buyer of the property wants to take over the loan. Once the sale of real estate and the repossess is completed, the buyer becomes the owner of the property and is bound by the initial terms of the accepted loan and the original borrower/seller is released from his commitment to the property and the existing loan. The advantage of this structure is that taking charge of the loan allows the borrower/seller to avoid defeasance or other advance charges and allow the buyer to accept a loan that may have more favorable terms than the market. Taking credit is a particularly attractive option in an environment where interest rates are high or the credit environment is tight. Step-Down indemnity: a reduction in the advance can be structured in different ways, but still has the same characteristic as the reduction of the advance by 1% per step, the last 3-12 months (or more) being open to advance or refinancing without penalty.

These are usually offered for shorter-term mortgages (i.e. 5 to 10 years), but could also be offered at longer maturities. An example of a 5- and 10-year prepayment indemnity would be: Eligible real estate: standard housing, student residences and flatshares manufactured Standard mortgage DUS: The STANDARD DUS product is intended for the purchase or refinancing of existing stable real estate, including: traditional, affordable housing, seniors` residences, student housing and flatshare products. . . .