Existing Fannie Mae DUS loans originated by CWCapital or Walker & Dunlop .
This program allows current borrowers additional financing on existing loans up to 75% LTV and 1.30x debt coverage. The borrower is eligible to receive supplemental loans 12 months or later after initial loan closing of the first mortgage.
Fixed or adjustable-rate mortgages, which are cross-collateralized and cross-defaulted with the first mortgages.
Minimum loan term of 5 years with two types of supplemental mortgages available:
Coterminous: mortgage term is coterminous with the term of the existing Fannie Mae first mortgage. The first mortgage must have at least five years remaining.
Non-coterminous: mortgage term is at least two years longer than the remaining term of the existing Fannie Mae first mortgage.
Combined loan-to-value and debt service coverage must meet current Fannie Mae Tier requirements.
Rates vary by loan-to-value ratio, debt service coverage and property quality.
Up to 30 years.
None, except for standard exceptions to non-recourse, which are the responsibility of the Key Principal(s).
Assumable, subject to Walker & Dunlop approval and a 1% transfer fee.
Yield maintenance or defeasance options.
Additional supplemental loans may be available.
Based on estimated underwriting costs for appraisal, architectural / engineering report, environmental assessment and other loan processing costs.
Standard transaction costs, including legal fees, and title insurance update.
This is a summary of general program terms, which are subject to change. This is not a commitment to lend.