FANNIE MAE DUS®
Seniors Housing
More than two decades of leadership in the Seniors Housing market.
BENEFITS
- Customized solutions.
- Flexible yield maintenance periods.
- Competitive pricing.
- Certainty of execution.
- Speed in processing and underwriting.
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ELIGIBILITY
- Existing, stabilized, purpose-built Seniors Housing Properties.
- Sponsors and Operators experienced in the Seniors Housing industry.
- Lenders experienced in financing Seniors Housing and approved by Fannie Mae for participation.
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TERM
5 – 30 years.
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AMORTIZATION
Up to 30 years.
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INTEREST RATE
Fixed- and variable-rate options available. For the availability of variable rate options, please contact your Lument representative.
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MAXIMUM LTV
75%
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MINIMUM DSCR
- 30x, if the Property is greater than 50% Independent Living; or
- 40x, if the Property is greater than 50% Assisted Living and/or Alzheimer’s /Dementia Care.
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SUPPLEMENTAL FINANCING
Supplemental Mortgage Loans are available.
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PREPAYMENT AVAILABILITY
Mortgage Loans may be voluntarily prepaid upon payment of the required prepayment premium per the Loan Documents.
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RATE LOCK
30- to 180-day commitments. Borrowers may use the Streamlined Rate Lock option.
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ACCRUAL
30/360 and Actual/360.
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RECOURSE
Non-recourse execution is available with standard carve-outs for “bad acts” such as fraud and bankruptcy.
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ESCROWS
Replacement reserve, tax, and insurance escrows are typically required.
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THIRD PARTY REPORTS
In addition to standard third-party reports (including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment), management and operations reports are required for all Seniors Housing Properties. Licensed Seniors Housing Properties also require a Regulatory Compliance report.
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ASSUMPTION
Seniors Housing Mortgage Loans are typically assumable, subject to review and approval of the new Borrower’s financial capacity and experience.
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FINANCING OPTIONS
Acquisitions, Refinances, and as part of a Credit Facility.
