Structured Transactions consist of 1 or more Mortgage LoansMortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. governed by a master agreement, regardless of individual loan size or cross-collateralization.
There are 2 types of Structured Transactions: Credit FacilitiesCredit FacilitiesStructured Transaction that is governed by a Master Credit Facility Agreement, and includes cross-collateralized and cross-defaulted Mortgage Loans and Properties. and Bulk DeliveriesBulk DeliveriesStructured Transaction that: is governed by a Bulk Delivery Agreement; and includes the ability to add Mortgage Loans in the future, or substitute a new Property for an existing Property as collateral. . The terms for each Structured Transaction vary, and are negotiated based on the specific PropertiesPropertiesMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). and SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). needs.