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| Purpose: | |
Delegated Underwriting and Servicing (DUSTM) is Fannie Mae’s principal line for purchasing multifamily loans. Fannie Mae delegates the responsibility for originating, underwriting, and closing to AmeriSphere Multifamily Finance, L.L.C. Fannie Mae’s Student Housing Loan Product provides financing for properties with students comprising at least 80% of their tenant base. These properties may have been either specifically constructed as a student property or have been built as a conventional multifamily asset and function as dedicated student housing. |
| Loan Amount: | |
$2,000,000 and up. |
| Loan Term: | |
Up to 10 years. |
| Amortization: | |
Up to 25 years. |
| Interest Rate: | |
Competitive risk-based pricing; Fixed or Adjustable Rate. |
| Loan-to-Value: | |
75% maximum. |
| Debt Service Coverage: | |
1.30x minimum. |
| Prepayment: | |
Yield Maintenance, Defeasance, or Fixed Schedule available. |
| Recourse: | |
Non-recourse, with standard exceptions for events related to fraud and misapplication of funds. |
| Reserve for Replacements: | |
Based on acceptable Property Condition Report. |
| Application Fee: | |
Applied to third-party reports, due diligence, and legal expenses. |
| Origination Fee: | |
Varies depending on size and risk of transaction. |
| Commitment Fee: | |
2% (refundable) due at rate lock. |
| Other Considerations: | |
1. Generally, the property should be located within two miles of campus, or on a university sanctioned bus line. 2. Campuses of 10,000 students or greater are preferred. 3. Food service is typically not permitted. |