Bulls Capital Partners is a Fannie Mae Delegated Underwriting and Servicing (DUS™) lender and offers a wide variety of innovative solutions to meet borrowers’ needs. For financing conventional market-rate apartment properties, a Standard DUS Mortgage is usually the best choice.  Click here to download a printable version of our Standard Products sheet.

Benefits of Standard DUS

Borrowers want:	Standard DUS delivers:
Flexible terms	Choose fixed-rate or ARM, balloon or fully amortizing, with a wide choice of terms and prepayment options.
Certainty of execution	Bulls Capital Partners has delegated authority to underwrite, commit and rate lock loans without prior review by Fannie Mae. Fannie Mae and Bulls Capital Partners are in every market, every day.
Fast processing and underwriting	Bulls Capital Partners is staffed with experienced real estate professionals who use their delegated authority to close deals quickly and smoothly.
Competitive pricing	Bulls Capital Partners has access to both cash and securitization executions and offer competitive tiered pricing based on the risk attributes of the loan.

Eligible Properties
A Standard DUS Mortgage can be used for the acquisition or refinance of multifamily properties (minimum of 5 units).

Eligible Borrowers
Any creditworthy single-asset U.S. borrower with all U.S. principals is eligible. Foreign borrowers may also have ownership interests, subject to proper structuring of the borrowing entity.

Loan Amount
No minimum or maximum. Some single-asset DUS loans exceed $150 million.

Loan Term
Terms ranging from 5 to 30 years are available. Terms of 5, 7, 10, 15, 18, 20, 25 or 30 years are standard.

Amortization
Up to 30 years.

Maximum LTV
80%. There are exceptions to this rule for income-restricted Multifamily Affordable Housing transactions.

Minimum DSCR
1.25x. There are exceptions to this rule for income-restricted Multifamily Affordable Housing transactions.

Recourse Requirements
Non-recourse execution is available for most loans greater than $1.5 million. Standard carve-outs to non-recourse for "bad acts" such as fraud are required.

Property Seasoning
New properties must have stabilized (typically 90% occupancy) for 90 days prior to funding.  Loan commitments for pre-stabilized properties will be considered on a case-by-case basis.

Minimum Vacancy and Collection Loss
5%

Escrows
Replacement reserve, tax and insurance escrows are typically required for higher leverage transactions.

Third-party Reports
Standard third-party reports—Appraisal, Phase I Environmental Assessment, and a Physical Needs Assessment—are required.

Executions Available
Cash, MBS, or DMBS.

Interest Rates
Fixed and variable rates are available.

Accrual Basis
30/360 and Actual/360

Rate Lock
30- to 90-day commitments are available. Extended Rate Lock feature is also available, allowing the borrower to lock a rate 45 to 365 days in advance of closing.

Pricing
Pricing is tiered and based on the risk attributes of the loan.

Assumption
DUS Loans are typically assumable, subject to Bulls Capital Partners’ review and approval of the new borrower's financial capacity.

Prepayment Provisions
Fannie Mae offers borrowers three prepayment premium options: Yield Maintenance, Defeasance, and Graduated Prepayment Premium (example: 5-4-3-2-1 on 5-year term). Fannie Mae has the most borrower-friendly Defeasance product in the marketplace; a single Fannie Mae debt instrument can be purchased to defease your loan.

Supplemental Financing
Fannie Mae offers the best, most flexible Supplemental Loan product in the business. As NOI continues to grow, the Bulls Capital Partners can provide Supplemental Loans on multiple occasions.

Additional Resources
For more detailed information about the DUS product line, contact a Bulls Capital Partners’ representative.

Forward Pricing is available for this product.

Contact
To learn more about the DUS product line, borrowers should contact Herman Bulls, CEO,  or Mark Van Kirk, CFO, at Bulls Capital Partners at (703)848-8001.