417.04B

Submission Requirements

Upon receipt of a Borrower Seniors Housing Expansion/Conversion Request, the ServicerServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a written request through the MAMPMAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. , and include the following:

  • SponsorSponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). name and experience in operating seniors housing properties;
  • Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. performance;
  • financial performance (including NCFNCFOn an annual basis or any specified period, the total Net Operating Income, minus the full amount underwritten for Replacement Reserve expense, regardless of whether deposits will be made (per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and… and UPBUPBUnpaid Principal Balance history, and 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.  trends);
  • pro forma financial statements;
  • sources/uses of funds statement;
  • project budget, scope, and plans;
  • market study;
  • construction contract and timeline;
  • Servicer’sServicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. monitoring plan;
  • licensure issues;
  • insurance; and
  • general contractor and major subcontractors.

Fannie Mae will review the completed request, and approve or decline the request in its sole discretion.