Supplemental loans behind an existing agency mortgage

Older web addresses for these programs no longer resolve. The pages used here are Fannie Mae's supplemental mortgage loans term sheet and Freddie Mac's Optigo supplemental term sheet dated November 2025. Both are subordinate financing behind a first mortgage that enterprise already holds or, in Freddie Mac's guide, a first it will accept. Neither page is a license this office holds. Capital Market Funds is not a Fannie Mae DUS lender.

Fannie Mae's term sheet says a supplemental is subordinate financing on a property that already has a Fannie Mae mortgage, that the lender must be the servicer of that existing mortgage, and that Fannie Mae must be the only debt holder. It says the supplemental is available 12 months after the senior loan closes. A new appraisal is required. Other third-party reports, including a Phase I and a property condition assessment, may not be required if the term sheet's conditions are met. The term can run from 5 to 30 years and can be coterminous or not. Fixed and variable coupons exist. This note does not quote either one, and it does not copy leverage or coverage figures that appear in program materials.

Freddie Mac's clock is not a copy of Fannie Mae's

Freddie Mac's November 2025 Optigo supplemental sheet says additional financing is available at least 12 months after the first loan or after the most recent supplemental. It is not available during the last three years of the first loan, and the prior loans must have at least three years of term remaining. The property is to be stabilized and in good standing. If the first loan is securitized, the original Optigo lender or the current servicer is in the path. If it is not securitized, the current Optigo servicer is. The sheet describes a refinance test that adds up debt service and unpaid principal of the first loan and of existing and proposed supplementals. That is a combined test. The numeric tables on the sheet are omitted here. Fixed-rate prepayment is described as yield maintenance. A minimum loan amount printed on the sheet is also omitted, because this note does not publish proceeds.

Fannie Mae's Multifamily Guide section on supplementals, in the version dated September 28, 2026, likewise ties eligibility to the servicer and generally expects 12 months of seasoning unless the loan documents allow a shorter wait. It generally allows only one supplemental, with stated exceptions that include a moderate rehabilitation supplemental, a Green Rewards supplemental when the proceeds are used for the efficiency measures the program requires, and a supplemental tied to an assumption or a sale that the guide permits. Those exceptions are the guide's. They are not a second product this office sells on its own authority. Capital Market Funds arranges the request with the servicer the program requires.

When a supplemental is the wrong tool

If the first mortgage is not an agency loan, there is nothing for these sheets to sit behind. A full refinance replaces the first lien instead of adding a second. Private mezzanine or preferred equity, which is not agency debt, is compared on mezzanine versus preferred equity. The national comparison of the two enterprises is Fannie Mae and Freddie Mac. Arizona arrangement pages are Fannie Mae, Freddie Mac, and agency.

A bridge loan on a Phoenix apartment that is not yet stabilized is not a supplemental. Supplemental debt assumes an existing agency first and a property the program still considers eligible. The bridge page is Phoenix multifamily bridge. The office is 7373 E Doubletree Ranch Rd #255, Scottsdale, AZ 85258. The phone is (480) 495-8072. Capital Market Funds, LLC - CBK-2007014 - Commercial Mortgage Banker and NMLS 1445066. Ask the existing servicer before you assume a supplemental is available. This office cannot order one from a program it is not approved to sell.