| Eligible Loans |
First mortgage loans and portfolios secured
by affordable multifamily housing projects. |
| Eligible Properties |
Affordable rental housing projects with
at least 24 units. Projects may be scattered sites, senior apartments,
affordable assisted living, limited-equity cooperatives, or single-family
rental units. All projects must satisfy Community Reinvestment Act
(CRA) criteria. |
| Loan Amount |
$500,000 to $5,000,000 |
| Term/Amortization |
Standard product is 18-year term with 30-year
amortization. 35 year product is also available. |
| Interest Rate |
Fixed at a spread over the 10-year US Treasury
for terms up to 18 years, and over comparable-term US Treasuries for
terms of 18 to 30 years. |
Forward Commitment
|
Up to 30 months |
| Rate Lock |
Rate lock available for up to 30 months
with additional spread. Forward rate lock must be secured by a combination
of a secured subordinate note and a cash deposit. |
| Loan-to-Value Ratio (LTV) |
Up to 90% for LIHTC projects, lower for
other projects. LTV includes all loans requiring debt service payments.
|
| Debt Service Coverage Ratio (DSCR) |
Minimum 1.15:1.00 for LIHTC projects. 1.20:1.00
and higher for non-LIHTC projects, properties with 40 units or less, and other nontraditional projects. |
| Servicing |
Lender servicing optional. CDT's third-party
servicer will provide servicing when needed.
|
| Subordinate Financing |
Subordinate financing permitted, subject
to CDT approval and execution of acceptable subordination agreement.
|
| Documentation |
Standard Fannie Mae documents, including
Security Instrument and Note. |
| Prepayment Terms |
Standard Fannie Mae's prepayment and yield
maintenance terms. |
| Click
here to download a PDF of the full CDT Debt Program Term Sheet.
|
