The Freddie Mac floating rate program provides streamlined and flexible financing at low cost for apartment and multifamily properties. This program gives the borrower a variety of options to suit their loan characteristics.
| Freddie Mac Floating Rate Apartment Loans | |
| Eligible Products | Multifamily housing, purpose-built student housing, seniors housing, and Targeted Affordable Housing. |
| Loan Size | $5 million+ |
| Pricing Index | 1-month LIBOR index |
| Early Spread Lock Options | Early spread lock option available for varying durations, typically ranging from 60 to 120 days from spread lock until Freddie Mac purchase, as well as our Fast Track Early RateLock option for conventional transactions for 90 or 120 days until Freddie Mac purchase; Sellers should consult with their regional Freddie Mac representative to determine eligibility. |
| Term | 5-, 7-, and 10-year terms |
| Interest Rate Cap | Borrower may obtain its own cap coverage from a third-party provider. |
| Interest-Only Period | Partial-term and full-term interest-only available; see chart below and related footnotes |
| Max Amort | 30 years |
| Min DSCR DSCR Calculator | 1.25x |
| Amortization Calculations | Actual/360 |
| Lockout Period | 1 - 2 years |
| Tax & Insurance Escrow | Typically Required |
| Replacement Reserve Deposit | Typically Required |
| Recourse | Non-recourse except for standard carve-out provisions |
| Prepayment Options | Graduated prepayment options |
| Supplemental Financing | Yes, subject to requirements specified in the Loan Agreement |
Program Plus Freddie Mac Loans
| Program Plus Options | |
|---|---|
| Fixed Rate Loans | Floating Rate Loans |
| Lease-Up Loans | Manufactured Housing Community Loans |
| Revolving Credit Facility | Student Housing Loans |
| Supplemental Loans | Value-Add Loans |
Affordable Housing Freddie Mac Loans
Other Freddie Mac Loans
| Other Freddie Loan Types | |
|---|---|
| Student Housing Loans | Small Balance Loans |
| Freddie Mac Single-Family Rental (SFR) Pilot Program | |