Your Multifamily Lending Update by EM CAPTIAL LLC.
Nearly 91% of 11.4 million apartment households surveyed across the country made a full or partial rent payment during the month.
Fannie and Freddie remain committed to maintaining liquidity and continue to actively quote deals.
Fannie: Fannie recently launched “here to help” to educate and provide homeowners and renters of multifamily properties tools and resources during this time. Fannie continues to signal flexibility with their debt service requirements and per last week introduction a streamlined lock option.
Freddie: Nothing new.
CMBS: No new issuance of post COVID originated loans, lenders prioritizing securitizing old inventory.
Stay tuned for the two suspected securitizations that will be priced in June.
Life Insurance Companies: Slow and steady. Currently quoting Libor + 325 with a .75% LIBOR floor. Potential 6-12-month debt service reserves to support near term rent collections.
FHA/HUD: Record high levels of submittals to HUD.
Why? Refinance rates and construction rates reaching near historical levels.