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From commercialpropertynews.com: Fannie Mae is working on a number of enhancements to its multi-family financing offerings, including a combined construction-permanent financing product.
The agency says it is cooperating with several DUS lenders who have construction lending expertise to combine construction financing with permanent debt. “The construction-to-permanent product will offer a seamless, lower cost execution and more certainty for the construction of new multi-family properties,” Fannie Mae states.
Currently, only HUD offers a multi-family construction-permanent loan, under its FHA mortgage insurance program. HUD's combined financing requires one underwriting and approval for both loans, with the construction loan rolling over to permanent loan. Despite major improvements over the years, customers still complain HUD's processing of the insured loan product can be cumbersome depending on the market..... Full Article: Source
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