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Property Condition Report

June 6, 2019 By Janover Ventures

Property Condition Reports in Relation to the Freddie Mac SBL Program

A property condition report, which may also be called a physical needs assessment, looks at each part of a multifamily property in order to determine the current condition of each element of the property. The report will examine the site, building exteriors, and unit interiors, looking at components such as landscaping, electrical and HVAC systems, cabinets, appliances, doors, windows, and building foundations. It will also check for obvious structural or safety issues, such as mold or improperly installed fire safety equipment. All needed repairs will be classified into several categories, ranging from urgent to routine. In addition to being required by a lender and Freddie Mac, property condition reports are used to determine the amount of replacement reserves that borrowers will need to allocate on an annual basis.

Filed Under: Freddie Mac Multifamily, Freddie Mac SBL, Glossary Tagged With: Freddie Mac Apartment Loans, Freddie Mac Multifamily, Freddie Mac SBL, Freddie Mac Small Balance Loans, Physical Needs Assessment, Property Condition Report

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7601 N Federal Hwy. Ste B140
Boca Raton Florida 33487

Email: hello@multifamily.loans

 

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Information

Loan Facts

Terms, Qualifications, and Guidelines

Term Sheet

Interest Rates

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Knowledge Base

Frequently Asked Questions

Glossary

Application

Application Process

Third Party Reports

Appraisal Process

Environmental Assessments

Property Condition Reports