Fannie Mae Cooperative Apartment Loan City Capital Finance arranges Fannie Mae Cooperative Apartment loans for purchase or refinance of all multifamily property types in California. The Fannie Mae Cooperative Apartment loan is a blanket mortgage financing for cooperative multifamily housing. Loan Amount $1 Million minimum. Term/Amortization Up to 30 year terms Up to 30 year amortization Interest Rate Fixed and adjustable rate options. Debt Service Coverage Ratio Minimum 1.25 at Maximum Rate Minimum 1.0 for variable rate Loan to Value 80% of value as a rental project 75% for cash out Occupancy Requirement 85% physically occupancy, 80% economic occupancy for 90 days. Loans greater than 65% LTV require 90% pre-sales Loans less than 65% LTV requires 60% pre-sales Market Acceptance Property must be located in an area with strong market acceptance of Cooperative housings Replacement Reserve Impounds Required-Not less than $150 per unit depending on lender Personal Recourse -Personal Guarantee Required - Not less than $150 per unit Personal Recourse-Personal Guarantee Non-recourse with standard exceptions for fraud and misrepresentation