The new Mod Rehab Supplemental Loan coupled with Fannie Mae's Mod Rehab execution is a great tool for borrowers to recognize increases in the value of their properties that result from renovations.
As apartment buildings age and borrowers look to maximize rehabilitation opportunities, Fannie Mae's new Mod Rehab Supplemental Loan gives borrowers access to equity when coupled with an existing Mod Rehab loan. Borrowers can take advantage of the increased value created through the renovation of a multifamily property that has been completed within 36 months of first lien origination and amounts to at least $10,000 per unit. Also, borrowers may qualify for a standard Supplemental Loan in addition to the new Mod Rehab Supplemental Loan.
Whether borrowers are refinancing loans or looking for new acquisition opportunities, Fannie Mae offers flexible and creative solutions as borrowers determine the next steps to achieve portfolio strategies and maximize rehabilitation opportunities.
For 29 years, Fannie Mae Multifamily has relied on its unique risk-sharing DUS platform to provide financing and securitization for quality rental housing in the United States, while balancing risk and return – in every market, for every income level, every day.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-maes-new-moderate-rehab-supplement-loan-allows-borrowers-to-tap-into-equity-from-renovated-multifamily-properties-300409845.html
SOURCE Fannie Mae