Borrowers can now better observe gains in the value of their properties through Fannie Mae’s Mod Rehab team up with the new Supplemental Loan.
“Our new Mod Rehab Supplemental Loan is a great example of providing value through collaboration with our Delegated Underwriting and Servicing lenders, because together we’re always looking for better ways to serve the needs of multifamily borrowers,” said Hilary Provinse, senior vice president for multifamily customer engagement at Fannie Mae. “Enhancing our Mod Rehab execution with the new supplemental loan is a win for borrowers wanting to secure additional funding on their terms – with certainty of execution, speed, and the flexibility of our single-asset security – and a win for our DUS Lenders because these loans are delegated.”
The new Mod Rehab Supplemental Loan provides borrowers with access to equity when they have an existing Mod Rehab loan. Multifamily properties that have completed its renovation within 36 months of first lien origination amounting to at least $10,000 per unit will have its value increase – a gain borrowers can take advantage of. Borrowers can also qualify for a standard Supplemental Loan aside from the Mod Rehab Supplemental Loan.
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Multifamily property owners can now take advantage of gains in their multifamily properties, thanks to Fannie Mae’s launch of its new Moderate Rehabilitation Supplemental Loan.