Second lien on multifamily

[Ben W.]

I am looking at purchasing a property and assuming a non-recourse Fannie Mae mortgage in place. Is there any way to get a second mortgage on the property?

[Carlos Flores]

A Supplemental may be possible to take you up to 75% LTV if it's been at least a year since the closing date of the last loan. A supplemental can be coterminous or non-coterminous, extending 2 years beyond the first loan. Several FNMA restrictions apply plus the current lender may have their own internal guidelines.