Freddie Mac's Fixed Rate program*
provides financing for the acquisition, refinance, and moderate rehabilitation
of multifamily properties. Freddie Mac is committed to offering competitive,
market-driven pricing that provides the lowest rates and spreads for the highest
quality loans while providing flexibility and a broad range of loan terms.
In addition to 5-30 year terms, up to
30 year amortization and supplemental mortgages, Freddie Mac offers standard or
early rate lock options on their fixed rate loans, making it possible for
borrowers to lock in a desirable interest rate as early as 12 months before the
loan closes. Further cost savings are realized at the end of the loan term for
borrowers who choose the fixed-to-float option which automatically converts the
loan into a floating rate mortgage for an additional year during which time the
borrower can arrange for new financing. The loan may be paid off at any time
during the floating year at par.
PNC ARCS is one of America's leading
commercial lenders with an acknowledged expertise in multifamily finance and one
of America's leading Fannie Mae DUS™ lenders for more than a decade.
As a PNC Real Estate Finance Company,
PNC ARCS is part of PNC Financial Services, one of the largest diversified
financial services companies in America. Now PNC ARCS can provide access to debt
and equity financing, construction loans, permanent financing, forward
commitments, tax credits, direct bond purchase programs, mezz, bridge, Fannie
Mae, Freddie Mac, FHA and Capital Markets. One single source to meet our
borrowers' needs.
The company is now the single source
for all real estate financing across the full range of commercial property
types.
Beyond the benefits of any specific
lending product, PNC ARCS' experience, expertise and unwavering commitment to
extraordinary customer service are what set us apart from the rest. No one
delivers more.
*Available in CA, HI, NJ , NY and
southern CT. Geographic waivers are available on a case-by-case basis. Contact
your loan representative for more information
Product Overview
Eligibility Garden, mid and high-rise apartments, co-ops and senior housing properties
Loan Amounts $2.5 million minimum. $50 million maximum.
Term/Amortization 5 to 30 year term (standard)
5 to 15 year term (fixed-to-float)
Fully amortizing loans available
Debt Service Coverage 1.25x minimum
Loan to Value 80% maximum
Delivery Options Standard or early rate lock options available
Personal Recourse None, except for typical lender "Carve-Outs"
Prepayment Prepayable in full, subject to applicable yield maintenance. Prepayable at par during 1-year floating rate period.
Origination Fee Required (varies by loan amount)
Commitment Fee Required (refundable)
Third Party Fees Includes appraisal, environmental, and engineering reports
Minimum Occupancy Requirement 90% for 90 days prior to loan closing
Replacement Reserve Impounds Required (waived under special circumstances)
Assumability Assumable with lender approval for standard fixed rate mortgage. Not assumable during the 1 year floating rate period.
Supplemental Mortgages
One per year on qualifying properties
Available only in select regions. Contact us to find out if your property qualifies.