Property Management Conditions

Requirements

You must ensure all of the following:

• Except for Small Mortgage Loans Small Mortgage LoansMortgage Loan with an original loan amount less than or equal to $9 million. , the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). must be managed by a property management company that currently manages:
  • at least 3 other Cooperative CooperativeMultifamily residential property owned by a Cooperative Organization. Properties PropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). in the same market as the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). ;
  • a minimum of 350 Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. units in the aggregate; and
  • another Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. of similar size to the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). .
• For Small Mortgage Loans Small Mortgage LoansMortgage Loan with an original loan amount less than or equal to $9 million. , a Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). with more than 25 units must be managed by a property management company with at least 3 years of experience managing a Cooperative Property Cooperative PropertyMultifamily residential property owned by a Cooperative Organization. of similar size.