KeyBank Real Estate Capital, a commercial real estate capital provider and long-time Fannie Mae DUS lender, has expanded its Key Commercial Mortgage Access small-loan program to include Fannie Mae origination and servicing for small loans.
The new program will be available nationwide, serving primary, secondary and tertiary markets. As managing director of the Key Commercial Mortgage Access program, Charles Krawitz will head the new small loan program responsible for underwriting Fannie Mae loans, with the support of a nationwide origination team.
‘Key has a long and successful track record of providing loans on multifamily properties through our relationships with FHA, Fannie Mae, Freddie Mac and life companies. The expansion of our origination practice to include eligible small-balance Fannie Mae deals offers an additive solution,’ says Krawitz. ‘There is a huge pool of assets eligible for this type of product, and we are certain that borrowers will find our terms and conditions to be highly appealing.’
The program is designed to provide five-, seven-, or 10-year mortgages on multifamily properties with 30-year amortization schedules, the company says. Borrowers have the option of yield maintenance or step-down prepayment structures. Proceeds can go as high as 80% of the property's value, subject to 1.20 debt service coverage, depending on market and underwriting particulars. Processing costs are capped at a flat fee (typically $10,000), which includes lenders' legal and standard third-party reports.
Source: KeyBank Real Estate Capital