My first multifamily agency loan (Fannie Mae / Freddie Mac)

[Martin Srebrov]

Hi everyone,

I'm trying to buy my first deal here in the States with an agency loan (Fannie Mae or Freddie Mac). It's a 30 unit apartment building in Oak Forest, IL (suburb of Chicago). 8% CAP, stabilized property.

The mortgage broker wants me to prepare my PFS (personal financial statement) & RE Schedule, but I don't have much to fill out, because my main business is overseas and I don't have any properties here.

I will appreciate if you guys share your experience with your first agency loan.

[Derek Carroll]

I'm a designated Fannie Mae lender and most of the time requirements are 10% of the loan amount in liquidity and 100% of the loan amount in net worth. Experience with multifamily management is required. Sometimes there are exceptions but it's on a case by case basis.

I also lend/broker for other programs and a PFS is ALWAYS required. If you were to consider a recourse loan instead then having assets in the US would be more important.

If you were coming to me I'd advise breaking the PFS out into two sections, US and non us assets.