Guide Update 25-09
:  Credit Facilities
Effective:
Credit Facilities (Redline).pdf
Form 4636.PM (Redline).pdf
Form 4801 (Redline).pdf
Form 4802

HIGHLIGHTS

Effective for all Credit Facilities as of April 30, 2025, updated Credit Facility and Bulk Delivery information:

 

  • in your Lender Contract;
  • throughout the Guide; and
  • in multiple forms.

 

Primary Changes

Updated: 

  • Schedule 1 of your Lender Contract to designate whether you are approved to originate a new Credit Facility; 
  • Part III, Chapter 17: Structured Transactions, to modify the Credit Facility transaction size; 
  • Part V, Chapter 4, Asset Management: Loan Document Administration, Section 416: Credit Facilities and Bulk Deliveries, to:
    • clarify which requests are delegated;
    • outline requirements only applicable to Credit Facilities; 
    • consolidate requirements for Credit Facility future advances and conversions; 
    • clarify existing requirements for Bulk Delivery
      • additions,
      • substitutions,
      • releases, and
      • Supplemental Mortgage Loans; 
    • add third-party Capitalization Rate Derivation (Cap Study) requirements for Credit Facility revaluations; 
    • add re-underwriting assessment requirements; and
    • outline requirements for
      • Credit Facility true-up through a Springing Debt Service Reserve, and
      • managing Debt Service Reserve Accounts; 
  • Part V, Chapter 5: Surveillance, Section 502.02: Quarterly Financial Analysis of Operations, to remove Bulk Delivery monitoring requirements; 
  • the Glossary to add multiple new terms; and
  • the following Forms to include aligning edits:
    • Multifamily Asset Management Delegated Transaction: Property Management Changes (Form 4636.PM);
    • Structured Facilities Monitoring Narrative (Form 4801); and
    • Structured Facilities Monitoring Spreadsheet (Form 4802).

 

Questions

Please contact [email protected] with any questions.