FANNIE MAE DUS® Cooperative Apartment Financing

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Arbor’s Cooperative Apartment Financing program provides blanket mortgage financing for cooperative multifamily housing.
Loan Amount

$1,000,000 minimum – $75,000,000 maximum

Loan Term Up to 30 years
Amortization Up to 30 Years
Minimum DSC

1.0 for cooperative; 1.55 as market rental project

Maximum LTV 55%
Rate Structure Fixed and adjustable rate options available.
Eligible Property

Cooperative projects, minimum five units

Eligible Borrower

Single-asset cooperative corporations

Market Acceptance Properly must be located in an area evidencing strong market acceptance of
Cooperative housing
Occupancy Requirement 85% physical occupancy and 70% economic occupancy for 90 days prior to commitment date.
Tax and Insurance Escrows

Monthly deposits required.

Replacement Reserve Underwritten at a minimum $250 per unit per annum
Recourse Non-recourse with standard exceptions for fraud and misrepresentation
Commercial Space Eligible
Required Reports Appraisal (to determine value as a rental project), Properly Condition Assessment and Phase I
Prepayment Yield Maintenance
Subordinate Financing Available through Fannie Mae Supplemental Loan Program
Pricing Tiered Pricing Matrix. More favorable terms available for higher DSC and lower LTV.
Rate Lock Standard 10-day rate lock period
Application Deposit $12,500. Covers all estimated underwriting costs (including processing fee).
Processing Fee $3,000 non-refundable
Origination Fee Minimum 1%. Par pricing available.
Legal/Closing Fee Arbor’s Counsel Fee to be determined at application
Good Faith Deposit 2% of loan amount, due at rate lock, refundable post-closing
Arbor Commercial Mortgage | | 800.ARBOR.10