BALTIMORE, Md.—M&T Realty Capital Corporation, a full-service mortgage banking company providing financing for commercial real estate, announced today it has obtained a license to provide loans through Fannie Mae’s Seniors Housing Loan program.
The nation-wide program provides loans for the refinance or acquisition of existing, stabilized, purpose-built seniors housing properties held by qualified owner/operators in secondary and tertiary markets, with a minimum loan size of $2 million.
“The Fannie Mae seniors housing execution is fast, reliable and very well-priced,” says Mark Gould, group vice president and Fannie Mae program manager for M&T Realty Capital Corporation. “It works well for taking out construction loans or for cash out on seasoned properties.”
The program also features:
- Up to 75 percent loan-to-value (80 percent for fixed-rate tax-exempt bonds)
- Minimum debt service coverage of 1.30x – 1.45x (dependent on property type)
- Loan terms of 5 to 30 years
- Amortization of up to 30 years
- Supplemental loans permitted after one year through Fannie Mae
For more information on the seniors housing loan program or M&T Realty Capital Corporation’s other loan programs, please call 800-737-2344.
About M&T Realty Capital Corporation
M&T Realty Capital Corporation (www.mandtrcc.com) is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial real estate. As a wholly-owned subsidiary of M&T Bank, we have direct access to commercial/multifamily mortgage capital markets, and are a fully accredited Fannie Mae DUS® and Freddie Mac Program Plus® lender as well as an approved FHA MAP and LEAN lender. In 2013, we generated over $2.1 billion in loan originations, and currently service a loan portfolio in excess of $11.8 billion.
About M&T Bank
Founded in Buffalo, N.Y., in 1856, M&T Bank Corp. (www.mtb.com) is one of the 20 largest U.S. bank holding companies, with more than 700 branch offices and 1,500 ATMs in Maryland, Washington D.C., Virginia, Pennsylvania, New York, West Virginia and Delaware.
© 2014 M&T Bank, Member FDIC
All loans and all terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions. “DUS®” is a registered trademark of Fannie Mae. “Program Plus®” is a registered trademark of Freddie Mac.