417.04B

Submission Requirements

Upon receipt of a Borrower Seniors Housing Expansion/Conversion Request, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must submit a written request through the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. , and include the following:

  • Sponsor SponsorPrincipal equity owner and/or primary decision maker of the Borrower (often the Key Principal or the Person Controlling the Key Principal). name and experience in operating seniors housing properties;
  • 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 performance;
  • financial performance (including NCF NCFAt underwriting or for any specified period, the amount calculated per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III. and UPB UPBUnpaid Principal Balance history, 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. and 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.  trends);
  • pro forma financial statements;
  • sources/uses of funds statement;
  • project budget, scope, and plans;
  • market study;
  • construction contract and timeline;
  • Servicer’s Servicer’sPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. monitoring plan;
  • licensure issues;
  • insurance; and
  • general contractor and major subcontractors.

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will review the completed request, and approve or decline the request in its sole discretion.