Characteristics

Closing

Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. closing must occur on, or within 12 months after, the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. closing.

Must occur on the same date.

Loan Amount

Aggregate original principal amounts of the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and the Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. .

Aggregate original principal amounts of the 2 Notes NotesInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  . 

If any proceeds are based on an IRP IRPInterest Reduction Payment ,  Part III, Chapter 7: Multifamily Affordable Housing Properties applies.

Purpose

Either Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. or refinancing.

Either Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. or refinancing.

Underwriting

The 2 Mortgage Loans Mortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 must:

• not have a combined LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage.  higher than the maximum standard for a Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. ;
• not have a combined DSCR DSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. lower than the minimum standard for a Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. ; and
• be cross-defaulted.

Must not have a combined:

• LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage.  higher than the maximum standard for a Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. ; and
• DSCR DSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. lower than the minimum standard for a Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. .

Interest Rate Structures

Either a fixed or variable interest rate.

If you use a combination of fixed and variable interest rates, you must comply with  Part III, Chapter 13: Supplemental Mortgage Loans .

Either a fixed or variable interest rate. 

If you use a combination of fixed and variable interest rates, each Note NoteInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  must have its own MBS MBSMortgage-Backed Security .

Documentation

2 separate sets of Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. :  1 for the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and 1 for the Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. .

1 set of Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , but evidenced by 2 separate Notes NotesInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  . 

The Notes NotesInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  must be pari passu.

Securitization

2 separate MBS MBSMortgage-Backed Security :  1 for the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and 1 for the Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. .

Additional Disclosure Additional DisclosureInformation you provide that is published as an addendum to the disclosure documents when an MBS is issued and describes special Security, Mortgage Loan, or Property characteristics or terms that differ from those described in the standard Multifamily MBS Prospectus. per  Form 4098 will be required if a partial release of collateral is permitted for either Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 .

1 MBS MBSMortgage-Backed Security unless multiple Interest Rate Structures.

Additional Disclosure Additional DisclosureInformation you provide that is published as an addendum to the disclosure documents when an MBS is issued and describes special Security, Mortgage Loan, or Property characteristics or terms that differ from those described in the standard Multifamily MBS Prospectus. per  Form 4098 must be required if a partial release of collateral is permitted for either Note NoteInstrument evidencing a Mortgage Loan obligation, including  Form 6010 series,  any other Fannie Mae-approved note, and  all applicable addenda, schedules, and exhibits.  .

Hazard Insurance

Coverage based on the combined UPB UPBUnpaid Principal Balance of the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and the Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. .

Consistent with Senior Mortgage Loans Senior Mortgage LoansSenior loan purchased by Fannie Mae. .

Title Insurance

Separate title insurance policies for the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. , in the respective amounts of each loan.

Consistent with Senior Mortgage Loans Senior Mortgage LoansSenior loan purchased by Fannie Mae. .

UCC Financing Statements

Filings for both the Senior Mortgage Loan Senior Mortgage LoanSenior loan purchased by Fannie Mae. and Subordinate Loan Subordinate LoanMultifamily residential real estate loan secured by a Lien against the Property having a lesser priority than the Lien securing another multifamily residential real estate loan on the same Property. .

Consistent with Senior Mortgage Loans Senior Mortgage LoansSenior loan purchased by Fannie Mae. .