Eligibility

Operating Procedures

To renew an ARM 5/5 Loan for a second 5-year adjustable rate term:

Timing before the initial Maturity Date	You must...
At least 180 days	Notify Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. that the ARM 5/5 Loan will be renewed for the second 5-year adjustable rate term. Confirm the ARM 5/5 Loan complies with Part III, Chapter 11: Adjustable Rate Mortgage (ARM) Loans, Section 1104: ARM 5/5 Loan Optional 5-Year Adjustable Rate Term Renewal Eligibility. Include preliminary DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of: principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. and LTVLTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. calculations. Estimate the starting interest rate for the second 5-year adjustable rate term, including the new InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. spread.
At least 30 days	Provide Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. with: an updated ARM 5/5 Loan eligibility confirmation; current DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of: principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. and LTVLTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. calculations; and an estimate of the starting interest rate for the second 5-year adjustable rate term, including the new InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. spread.

Timing before the initial Maturity Date

You must...

At least 180 days

Notify Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. that the ARM 5/5 Loan will be renewed for the second 5-year adjustable rate term.
Confirm the ARM 5/5 Loan complies with Part III, Chapter 11: Adjustable Rate Mortgage (ARM) Loans, Section 1104: ARM 5/5 Loan Optional 5-Year Adjustable Rate Term Renewal Eligibility.
Include preliminary DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of: principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. and LTVLTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. calculations.
Estimate the starting interest rate for the second 5-year adjustable rate term, including the new InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. spread.

At least 30 days

Provide Multifamily Asset ManagementMultifamily Asset ManagementTeam that can be contacted at [email protected]. with:

an updated ARM 5/5 Loan eligibility confirmation;
current DSCRDSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of: principal, interest, and required Mezzanine Financing or Hard Preferred Equity payments. and LTVLTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage. calculations; and
an estimate of the starting interest rate for the second 5-year adjustable rate term, including the new InvestorInvestorMBS Investor for an MBS Mortgage Loan, or Fannie Mae for a Cash Mortgage Loan. spread.