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.

Term Sheet (PDF)


  • 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

Loan Term

Mortgage Loan may be of 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 pre-payable debt, with a Property substitution; yield maintenance and declining prepayment premium options available.

Supplemental Financing

Supplemental Loans are available.

Rate Lock

30- to 180-day commitments. Borrowers may Rate Lock 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 its release from 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.