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Purpose:
For a streamlined refinance of existing FNMA DUS
Mortgage Loans.
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Eligible
Properties: Stabilized properties that have
received an acceptable rating on the most recent
property inspection.
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Ineligible
Properties: FNMA DUS Mortgage Loans with
delinquencies of 60 days or more during the previous 3
years and uncured non-monetary defaults over 120 days.
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Collateral:
1st mortgage
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Loan Amount:
Minimum of $750,000. Loans larger than $25million
require preview by FNMA
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Loan Term:
5 to 30 years
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Interest
Rate/Pricing: Fixed and Variable. Pricing is
market driven.
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Amortization: Up to 30 years
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Origination
Fees: Market driven
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Max LTV:
80%
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Min DSCR:
1.25x. Call for full details
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Recourse:
Non-recourse with standard carveouts for "bad acts."
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Property
Occupancy: 90% occupancy for 90 days required
prior to funding
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Min
Vacancy/Collection Loss: 5%
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Escrows:
Replacement reserves, tax and insurance typically
required for higher leverage transactions.
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Replacement
Reserves: May be required
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Third Party
Reports: Appraisal, Phase I and a Physical Needs
Assessment are required.
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Interest
Accrual Basis: Actual/360 or 30/360
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Rate Lock:
30- to 90-day commitments. Extended Rate Lock available
on limited basis.
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Assumption:
Typically assumable subject to lenders review and
approval of new borrower's financial capability.
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Prepayment
Provisions: No prepayment premium is due on the
existing FNMA DUS Mortgage Loan when it is refinanced
using Refi Plus
