Program workspace

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“Multifamily Housing”

“ELIGIBLE BORROWERS Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of Non-LIHTC affordable properties that are otherwise restricted by Section 8 HAP or with long term rent restrictions via a state/local program or through Freddie Mac Preservation. ELIGIBLE PROPERTY TYPES Garden, midrise, or high-rise multifamily properties undergoing moderate rehabilitation with tenants in place. TERMS Minimum term: 5 years Maximum term: 15 years. Rehabilitation/stabilization period (maximum of 24 months) will be included in loan term. PRODUCT DESCRIPTION Financing for the moderate rehabilitation of Non-LIHTC affordable multifamily properties that have tenants in place. TYPE OF FUNDING Financing for acquisition/ rehabilitation based on projected post-rehabilitation NOi; cash or letter of credit collateral required to fund gap between supportable debt on current NOi and loan amount (collateral held until stabilization); interest-only during the rehabilitation/stabilization period. MINIMUM DEBT COVERAGE RATIO (DCR) 1 Fixed rate: l.25x. MAXIMUM LOAN-TO-VALUE (LTV) RATIO 1,2 80% of market value. MAXIMUM AMORTIZATION Up to 35 years, depending on the market. Please contact your relationship manager to discuss. PREPAYMENT PROVISIONS Yield maintenance. SUBORDINATE FINANCING Permitted. TAX AND INSURANCE ESCROWS Required. FEES Application fee, commitment fee, plus other fees, as applicable. 1 Adjustments may be made depending on the property, product, and/or market. 2 Based on Appraised As-Stabilized Value. Download Term Sheet Financing Options Fannie Mae Freddie Mac HUD/FHA Loans Real Estate Capital Markets Balance Sheet Services Investment Banking Investment Sales Mergers and Acquisitions Investment Management Loan Servicing & Asset Management Mortgage Banking Services Property Specialties Multifamily Housing Affordable Housing Small Loan Multifamily Manufactured Housing Seniors Housing Skilled Nursing Hospital Investment Sales Multifamily Affordable Housing Seniors Housing Available Offerings Insights & Resources Insights Case Studies Newsroom Events Recent Transactions Term Sheets The Servicing Edge Frequently Asked Questions Subscribe About Our People Life at Lument Careers Offices © Copyright Lument 2026. All Rights Reserved Privacy Policy Terms of Use Mortgage Company Licensing Disclosures Counterparty Code of Conduct Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA / SIPC . *Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission. We use cookies on this website. By continuing to navigate this website, you consent to the use of cookies. Our Privacy Policy explains what cookies are, how we and our service providers use cookies, your choices regarding cookies and further information about cookies . Continue Copy link Copy Copied Powered by Social Snap Close GDPR Cookie Settings Privacy Overview Strictly Necessary Cookies Powered by GDPR Cookie Compliance Privacy Overview This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Strictly Necessary Cookies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Enable or Disable Cookies Enabled Disabled Enable All Save Settings”

“LUMENT.COM FREDDIE MAC OPTIGO ® Index Lock Our Index Lock option allows borrowers to lock the Treasury index (subject to the quoted Treasury Floor) for fixed-rate loans any time after a signed application with the Optigo ® lender has been delivered to Freddie Mac—providing an enhanced level of risk mitigation against interest rate volatility. The spread will also not be subject to market grid movements during the Index Lock period. If one or more of the assumptions in the quote sheet changes—such as changes in the terms of the loan, property, borrower, or certain loan document modifications—the quote will be adjusted based on the pricing grid in effect as of the date of the quote. ELIGIBILITY Index Lock is available to borrowers that have had a loan purchased by Freddie Mac within the last 24 months. First-time Freddie Mac borrowers may be eligible if certain conditions are met. Freddie Mac evaluates Index Lock eligibility for each loan on a case-by-case basis, with consideration for the loan’s credit quality. Parameters of the Index Lock include: • Index lock periods: - The lock period for most conventional loans is 60 days after quote expiration. - The lock period for Seniors Housing and Manufactured Housing Community loans is 75 days after quote expiration. - The lock period for Targeted Affordable Housing loans is 90 days after quote expiration. • 2% good faith deposit retained by the Optigo lender. • 10% proceeds reduction without triggering breakage; final proceeds greater than 110% of the Index-Locked UPB will be locked at the blended rate using the Treasury index at final spread lock. • Not a commitment or credit approval. • Applies to property or properties identified in the quote; not transferable to other properties. Index Lock Early Rate-Lock (ERL) Standard Delivery WHAT IS BEING LOCKED? Treasury yield only; The spread is not subject to market grid movements, but may adjust based on quoted terms and conditions as well as further changes to loan terms, property, borrower, loan document modifications, etc. The spread is locked at full rate-lock. Interest rate for a fixed-rate loan or the gross spread for a floating-rate loan. Interest rate for a fixed-rate loan or the gross spread for a floating-rate loan. ELIGIBLE BORROWERS Borrowers in good standing that have had a loan purchased by Freddie Mac within the last 24 months. First-time borrowers may be eligible if certain conditions are met. Standard underwriting requirements. Standard underwriting requirements. BENEFITS Allows borrowers to mitigate market risk and reduce loan coupon volatility by locking the Treasury index with less documentation and faster execution than our traditional lock process. For important disclosures about Lument and the information found in this term sheet click here . 1 If the quoted Treasury floor, if applicable, is triggered at the time of index lock, the spread will be increased by a corresponding amount. 7.16.25”

“LUMENT.COM ASSUMPTION Mortgage Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience. ASSET MANAGEMENT The Property must comply with the SDW rent restrictions within 12 months of the Mortgage Loan Origination Date. The Lender is responsible for notifying Fannie Mae of noncompliance. For important disclosures about Lument and the information found in this term sheet click here . 6.22.26”

“LUMENT.COM ASSET MANAGEMENT The Property must be compliant with the Sponsor-Initiated Affordability Agreement within 12 months of the Mortgage Loan Origination Date. Lender is responsible for notifying Fannie Mae of non-compliance. *POTENTIAL DSCR FLEXIBILITY ON A PRE-REVIEW BASIS DSCR at 1.20 will be considered on a Pre-Review, case-by-case basis if the Property meets the following criteria: • Property located in a Strong or Eligible MSA market. • At least 50% of the residential units have rents and incomes restricted at 80% of AMI or less. • Actual rents on restricted units are at least 10% below comparable market rents. • The Borrower is an Affiliate of a repeat Sponsor. 6.22.26 For important disclosures about Lument and the information found in this term sheet click here .”

“LUMENT.COM MORTGAGE INSURANCE PREMIUM The annual MIP is currently 0.65% (0.45% if the project utilizes Low Income Housing Tax Credits) of the outstanding loan amount. The first year MIP is due at closing and is 1.0% of the loan amount. REPAIRS/IMPROVEMENTS Funds for repairs, deferred maintenance and capital improvements for generally up to 2 5% of value can be included in the loan amount, subject to the maximum loan limitations. REPLACEMENT RESERVES Annual deposits are required based on estimates determined by a third-party Project Capital Needs Assessment. An initial deposit to the replacement reserve will be required at closing and can be funded by the mortgage loan. SECONDARY FINANCING Permitted in the form of a surplus cash note. Combined loan to value cannot exceed 92.5% unless secondary financing is from a governmental source. FUNDING Qualifies for Ginnie Mae guaranteed mortgage-backed securities, direct placement or may be used to credit enhance tax-exempt bonds. TIMING Lender underwriting and preparation of an application will take approximately 8 weeks. Timing for approval from FHA will be contingent on their workload at the time of the application submission. Lument will estimate this timing based on recent experience. THE PROGRAM HAS THE FOLLOWING ADDITIONAL PARAMETERS 1. The FHA Section 232 pursuant to 223(f) mortgage insurance program is the most attractive credit enhancement program available for taxable and tax-exempt acquisition financing or refinance of residential care facilities. 2. Facilities financed under this program must be at least 3 years old. 3. Existing debt to be refinanced must be at least two years old unless it was used for an eligible purpose as defined by FHA (refinancing of prior eligible indebtedness, arms-length acquisition, property improvements, operating losses, etc.). 4. A master lease will be required when an owner finances 3 or more properties or $15 million or greater in combined loan amounts with the FHA healthcare programs within an 18-month period. Lument is a leading FHA-approved Mortgagee and MAP/LEAN lender and actively provides financing utilizing FHA insurance programs nationwide pursuant to Multifamily Accelerated Processing (MAP) and LEAN underwriting methods. In its prequalifying review, Lument will attempt to estimate both the loan amount and the fees and costs associated with the transaction. Actual loan amounts and actual fees and expenses may vary from the prequalifying estimates. A prequalifying estimate is not a commitment to make a loan. For important disclosures about Lument and the information found in this term sheet click here.”

“LUMENT.COM 60 days* (Spread Hold Period) Quote Acceptance ERL Package Due Spread hold period expires, last day to rate lock Full underwriting package due with appraisal Freddie Mac Multifamily countersigns ERLA Mandatory delivery date For fixed-rate loans, the Borrower may index lock anytime between quote acceptance and the end of the spread hold. AFTER RATE-LOCK • By 2:00 pm ET on the business day following interest rate lock, the Optigo lender must remit to Freddie Mac the Application Fee and provide evidence that the Optigo lender has retained a good faith deposit in the amount required by the Guide. (Note: On the refinance of an existing Freddie Mac portfolio loan, borrowers may post a demand note in lieu of a good faith deposit and provide the non-refundable application fee in cash.) • Optigo lender must execute Exhibit A of the ERLA to indicate acceptance of terms and return to Freddie Mac by the next business day. • Within the specified time frame, the Optigo lender must deliver the full underwriting package to Freddie Mac, including all documents detailed in the Guide, Exhibit 1: Underwriting Checklists, as well as any applicable documentation noted in Addendum to Part B. ERL allows the Borrower to lock the full note rate months before closing, with limited preliminary requirements. Full due diligence is provided after ERL and some aspects of the transaction can be modified, as needed, to provide flexibility. For important disclosures about Lument and the information found in this term sheet click here . 7.6.26 45 120-day ERL 105** 22 90-day ERL 75 15 75-day ERL 60 7 60-day ERL 45 *75 days for Manufactured Housing Communities and Seniors Housing Loans; 90 days for Targeted Affordable Housing loans. **Or 25 days after Freddie Mac Multifamily countersigns the ERLA, whichever is sooner.”

“PRE-REVIEW MORTGAGE LOANS Generally, no pre-review is required if the Pre-Review category for the Portfolio Mortgage Loan was previously approved by Fannie Mae. Please see the Multifamily Selling and Servicing Guide and the Multifamily Underwriting Standards (Form 4660) for complete requirements.”

“PRELIMINARY UNDERWRITING PACKAGE Optigo lender provides all documents for an early rate-lock execution detailed in the Freddie Mac Multifamily Seller/Servicer Guide (Guide), Exhibit 1: Underwriting Checklists.”

“PRODUCT DESCRIPTION Impact Gap Financing provides the infrastructure to enable Impact Investors to invest directly in NOAH properties and close capital gaps between Sponsor-provided equity and the Freddie Mac NOAH Preservation Loan. Impact Investors may work with Borrowers directly, with a Freddie Mac Multifamily Optigo lender, or with Freddie Mac, who can help match them to potential properties and Borrowers. Nonprofits will work with an Optigo lender who will make both the Freddie Mac NOAH Preservation Loan and the Impact Gap Loan simultaneously, providing a one-stop shop for comprehensive debt financing up to 97% loan-to-cost, to go with a minimum 3% Borrower equity contribution. For the Optigo Seller to make the Freddie Mac NOAH Preservation Loan and the Impact Gap Loan together, the Impact Investor must be identified for the Impact Gap Loan prior to receiving a soft quote, and the following must be in place prior to interest rate-lock on the NOAH Preservation Loan:   Impact Investor must execute and deliver a commitment to the Freddie Mac Seller to purchase the Impact Gap Loan. Freddie Mac will perform confirmatory due diligence and provide a back-up commitment to purchase in the event the Impact Investor fails to purchase the Impact Gap Loan. Impact Investor must deposit funds in escrow to fully collateralize its commitment to purchase the Impact Gap Loan.   The Impact Gap Loan will be made on Freddie Mac form Impact Gap Loan documents, including the Impact Gap Loan commitment, loan agreement, note, guaranty, security instrument and escrow agreement.”