Fannie Mae announced a record year for its small mutlifamily program ( 5+ units). Freddie Mac had an equally succesful year.
These programs are geared to experienced real estate owner/landlords. ( Single family experience is considered.)
While the rates are great ( 4%), they max out at 80% LTV. ( Although leverage can be 90%). Also, they have a robust net worth and liquid asset requirement. They accept mortgages from most jurisdictions.
Fannie Provided $1.6B of Financing in 2015 for Small Multifamily Loans
By February 26, 2016
Fannie Mae touted its financial support to the small multifamily loan market last year, saying it provided $1.6 billion in financing to the sector.
The company defines small loans as those $3 million or less nationwide and $5 million or less in high-cost markets, as well as properties with five to 50 units.
The financial support was made available to about 33,000 small loans last year, the vast majority of which supported affordable and workforce housing. Fannie's product offerings for small loan issuers include streamlined underwriting and processing.
"Small loans are a critical part of the work we do to make affordable, quality rental housing a reality for renters in urban areas and smaller markets across the nation," said Bob Simpson, multifamily vice president for affordable, green and small loans.
