Program Description: Fixed rate permanent second mortgage financing. This program will provide borrowers with the opportunity to access their equity which has built up during the yield maintenance period of their existing Fannie Mae DUS first mortgage or to facilitate a subsequent sale of the property. Available for properties throughout the United States. Features: Loan Amount: $1,000,000 minimum. Eligibility: The first mortgage must be owned by Fannie Mae. Fannie Mae funded second mortgages are available after the first anniversary of the funding of the first mortgage. Loan Term: Minimum of five years. The borrower can choose either a co-terminus or non co-terminus second mortgage. A co-terminus second mortgage loan must mature at the same time as the first mortgage. A non co-terminus second mortgage loan must have a term which extends beyond the term of the first mortgage by two years. Amortization: Up to 30 years. Prepayment: Prepayable in full at any time; subject to a yield maintenance formula. For non co-terminus loans, the yield maintenance period must extend beyond the term of the first mortgage by at least two years. For co-terminus loans, the second does not have to coincide with the yield maintenance period on the first mortgage. Recourse: Non-recourse, except for standard lender carveouts. Borrower: All properties must be owned by a single asset or single purpose entity. Debt Service Coverage: The debt service coverage on the combined first and second mortgages cannot be less than the DSC when the first mortgage was funded. Minimum 125%. Loan to Value: The loan to value on the combined first and second mortgages cannot be more than the LTV when the first mortgage was funded. Maximum 80%. Occupancy: Properties must be 90% physically occupied at loan funding and for the 90 day period prior to commitment. Assumability: Yes, subject to NYCL approval and the payment of a processing fee and a 1% assumption fee. Reserves: Tax and insurance escrows are required. Replacement reserves and repairs are governed by the first mortgage. Rate Lock: Rates are fixed ten days prior to closing. Application Fee: $12,500. Covers the cost of all third party reports, travel expenses and other out of pocket expenses. Financing Fees: 1% of the loan amount with a $15,000 minimum fee. Timing: Commitments issued in 45 days or less. Pricing: Contact your NYCL representative for a price quote.