Lender type
Agency loans, matched to your deal
An agency loan is multifamily debt originated under a Fannie Mae, Freddie Mac or HUD program by a lender approved to sell or insure through it. The programs set the rules on leverage, coverage and property condition, the loan is typically non-recourse with standard carve-outs, and the fixed-rate terms run longer than most bank debt. Approved lenders compete on the parts the program leaves open: pricing, processing and how they read a borderline file. That competition is real only when several of them see the same deal.
- 5,000+loan programs screened
- 5–8matches on a typical deal
- $0 upfrontto submit and compare offers
- 0.50–1.00%broker fee, paid only at closing
Who is an agency loan actually for?
Owners of stabilized multifamily and its close relatives, including manufactured housing communities, student housing, senior housing and affordable properties, who want long-term non-recourse debt and can meet a program's standards on occupancy, condition and sponsorship. Transitional assets, heavy value-add plans and most non-residential property fall outside the programs and are financed elsewhere, often with an agency takeout planned at stabilization.
What do agency lenders disagree about?
The judgment calls the programs delegate. Approved lenders take different views on how to treat a property with recent concessions or a short operating history, which program and tier a deal should be placed in, how to underwrite an affordable component, how much prepayment flexibility to build in, and what the processing timeline will really be. The rules are shared; the reading of a specific file is not, and neither is the pricing.
What should be ready before an agency file goes out?
Trailing operating statements and the current rent roll, occupancy history, a property condition summary, the sponsor's multifamily experience and net worth summary, and a statement of the term and prepayment structure the borrower wants. Files that arrive with the trailing figures already reconciled to the rent roll get taken seriously faster, because that reconciliation is the first thing an agency underwriter performs.
How does getting matched actually work?
You describe the deal once — about five minutes — and it is screened against 5,000+ loan programs. Most deals return 5–8 matches, and the median first offer arrives in under an hour. There is $0 upfront; the fee is 0.50–1.00%, paid only at closing.
YieldStack is a commercial mortgage brokerage, not a lender. The rate, the leverage and the credit decision belong to the lenders competing for your deal; our job is making sure the right ones see it at the same time, so the terms you compare are real competition rather than one desk’s appetite.
What do lenders actually look at?
Every program weighs these in its own way — which is the argument for several quoting at once.
- Occupancy and operating history against the program's stabilization standard
- Property condition and the capital plan for deferred maintenance
- Sponsor experience, net worth and liquidity relative to the loan
- Which program and pricing tier the property qualifies for
- The prepayment structure the borrower can live with
Frequently Asked Questions
Are Fannie Mae and Freddie Mac lenders?
Not directly. They buy or guarantee loans originated by lenders they have approved, under programs whose rules they set. The borrower deals with the approved lender.
Is HUD financing the same as agency?
It is grouped with agency because it is government-backed multifamily debt, but the mechanics differ: HUD insures the loan, the terms can be very long, and the process is slower and more document-heavy.
Are agency loans non-recourse?
Typically, with standard carve-outs for things like fraud, misapplication of funds and environmental issues. That is one of the main reasons owners of stabilized multifamily seek them.
Can a property with some vacancy qualify?
Within limits set by the program. Occupancy standards and the length of operating history required vary, and lenders differ on how they handle a property just below the line.
What about prepayment?
Agency loans usually carry yield maintenance or defeasance for most of the term, with a short open period at the end. Some structures offer more flexibility at a price, and it is worth asking for.
Do agency programs cover affordable housing?
Yes, and often on better terms than market-rate property, provided the affordability restrictions are documented. Lenders differ on how they underwrite and price the affordable component.
Is YieldStack a lender?
No. YieldStack is a commercial mortgage brokerage, not a lender. Every term sheet comes from a lender in the network and is subject to that lender's underwriting.
Does it cost anything to see terms?
No. It costs $0 upfront to submit a deal and review offers; YieldStack's broker fee is 0.50–1.00% of the loan amount and is paid only at closing.
Is financing guaranteed?
No. Every credit decision is made by the lender; YieldStack arranges the introductions and negotiates on the borrower's side, and no loan, rate, or closing is guaranteed.
Next step
One deal.Several lenders.
YieldStack is a commercial mortgage brokerage, not a lender.