Agency Lending
Fannie Mae, Freddie Mac, and HUD/FHA programs for multifamily and affordable housing.
Agency programs — Fannie Mae, Freddie Mac, and HUD/FHA — offer the most attractive long-term debt available for qualifying multifamily assets: non-recourse, fixed-rate, 10-to-35 year terms, and the lowest spreads in the institutional lending market. For NYC multifamily sponsors with stabilized, rent-regulated, or affordable portfolios, agency financing is often the permanent debt solution — if you can get through the process.
LTG navigates the agency market through DUS lender and direct lender relationships across Fannie, Freddie, and HUD. The agency process is more document-intensive and timeline-dependent than bank debt — but the economics are materially better for qualifying assets. Understanding the underwriting nuances — occupancy requirements, rent-to-income ratios, DSCR floors, inspection requirements — before going to market separates advisors who deliver closing from those who waste 60 days discovering the deal doesn't qualify.
NYC Multifamily & Agency Programs
New York City is one of the deepest agency markets in the country. LTG has particular expertise in Fannie Mae and Freddie Mac programs for rent-stabilized, market-rate, and mixed-income properties — including Fannie's Green Rewards and Small Loan programs and Freddie Mac Optigo. HUD 223(f) for acquisitions and stabilized refinances, and 221(d)(4) for construction, are also active capabilities.
For sponsors with multiple assets, agency financing can be structured on a portfolio basis, compressing the per-loan cost and timeline. LTG advises on portfolio strategies and the sequencing of agency executions across a multifamily book.
Typical Deal Parameters
| Loan Size | $1M (HUD Small) to $500M+ |
| Leverage | Up to 80% LTV (market rate); up to 87% (affordable) |
| Term | 10, 12, 15, 30 years (Fannie/Freddie); 35 years (HUD) |
| Rate | Fixed; Treasury/swap-based spread |
| Recourse | Non-recourse (standard) |
| Programs | Fannie Mae DUS, Freddie Mac Optigo, HUD 223(f), HUD 221(d)(4), Green Rewards |
Have a multifamily asset that may qualify for agency financing? Let's look at it together.