Summer 2018 has been an exciting and busy one! Thank you for sending us your business -- we've seen a lot of great deals and we will continue to look for creative ways to partner with you in all of our loan product areas. We have financed $2.6 billion through 2Q of this year and are looking to end with another record year and extend that into 2019.
The summer was also busy building the team and aligning staff to ensure that your deals get the attention that they need. We are very excited to welcome our new team members and will continue to provide additional opportunities for you to get to know each of them and to leverage their experience towards creative financing options to win your business. Your Customer Account Manager is here to support your efforts so reach out to us with all of your deals and let's win business together.
As summer comes to an end, we are focused on tightening up our process to minimize response times and accommodate year end closing deadlines. Turnaround times are directly linked to the quality of the submissions to Fannie Mae. Set your deal up for success by ensuring your submissions accurately identify pre-review conditions and waivers and thoughtfully identify key risks and mitigants. Please keep the information in DUS Gateway® accurate and communicate deal timelines early and often. We want to close as many deals as we can with you this year!
We continue to see great traction with our product enhancements. Don't miss out on these opportunities. We are excited to work with you!
M.TEB Gets it Done!
Fannie Mae's M.TEB forward will facilitate the new construction of Eaton Street apartments, a 4% Low Income Housing Tax Credit (LIHTC) project with 118 units located in downtown Westminster, Colorado. Together with KeyBank National Association, Fannie Mae has provided a $13.3MM M.TEB forward commitment to support the tax exempt bonds structured with an 18 year loan term that includes 2 1/2 years of interest only and 35-year amortization. The cost of issuance reimbursement option was also utilized.
The M.TEB not only delivers efficient, low-cost financing but also leverages all of the benefits of the Fannie Mae DUS® platform with certainty and speed of execution as well as life of loan servicing. Relationships matter and we are happy to help the sponsor, Koelbel & Company, deliver 118 new quality affordable housing units to tenants at 30% and 60% of the Area Median Income ("AMI").
As you look at your deals, contact the Fannie Mae team and we can help you come up with creative financing options. We are eager to work with you.
Mark Your Calendar for Chicago in November!
If you are not already planning to be in Chicago November 12-14 during the AHF Live! conference, mark your calendar to join us. The affordable team is making plans to be in Chicago this November to connect with lenders and borrowers. We will host a reception for lenders and borrowers on November 12th and we want you to be there!
Also, we are looking forward to meeting with many of you individually November 12th and 13th. Your Customer Account Manager will be reaching out to schedule time with you in the coming weeks. Let's meet and talk about the ways that we can work with you to offer flexible, creative solutions -- a huge benefit of our single-asset MBS and DUS model.
Multifamily Selling and Servicing Guide
Recently, we announced the launch of the Multifamily Selling and Servicing Guide webpage. We listened to your feedback and now every chapter of the Guide is available as a PDF. The page also includes links to Guide Updates, Lender Memos, and Lender Letters -- a one-stop-shop for everything you need.
Reach out to us with any questions, and remember to visit fanniemaemultifamilyaffordable.com for more information about products, presentations and resources!