Bulk Delivery

This structuring option allows borrowers to arrange flexible financing terms for a group of properties with property substitution, supplemental financing, and expansion capabilities.


  • Expansion feature allows easy addition of properties
  • Recognize portfolio improvements with supplemental financing
  • Retain favorable interest rates with property substitutions 


  • New or repeat Fannie Mae Borrowers
  • Available for all asset classes

Bulk Delivery Size

Minimum initial advance equal to:

  • $100 million;
  • $75 million with at least 3 properties at closing; or
  • $55 million with at least 6 properties at closing.

Property Additions

Additions to the Bulk Delivery are permitted for 3 years following closing


Any loan term offered by Fannie Mae.

Interest Rate

Fixed, variable, or a combination thereof.  Variable-rate Mortgage Loans may be converted to fixed-rate.

An interest rate cap or other hedging arrangement is generally required for all variable-rate advances.


Interest-only and amortizing available, based upon property performance.

Maximum LTV

Up to 80% depending upon asset class and product type.

Minimum DSCR

Generally starting at 1.25x depending upon asset class and product type. Multifamily Affordable Housing may start at 1.20x.

Structuring Options/Features

  • Single asset loans.
  • Asset substitution.
  • No unused capacity fees.

All structuring options/features subject to the terms of the Bulk Delivery Agreement.

Prepayment Availability

Flexible prepayment options available, including partially prepayable debt, with a property substitution; yield maintenance and declining prepayment premium.

Supplemental Financing

Supplemental Loans are available.

Rate Lock

30- to 180-day commitments. Borrowers may lock a rate using the Streamlined Rate Lock option.


Non-recourse execution with standard carve-outs for “bad acts” such as fraud and bankruptcy.


Replacement reserve, tax, and insurance escrows are typically required.

Third-Party Reports

Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment.


  • Assumption of an individual mortgage loan is permitted upon satisfaction of the requirements of the Bulk Delivery Agreement.
  • Assumption of the entire Bulk Delivery may be permitted but is subject to Fannie Mae’s underwriting and approval of the assuming party.


Fannie Mae charges a Due Diligence fee of $1,500 per property. Other fees (e.g. substitution, assumption, and review) may apply.