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Freddie Mac Optigo Seniors Housing Loans | Haven Senior Investments
Capital Solutions · GSE Programs

Freddie Mac Optigo®
Seniors Housing
Loans

Freddie Mac's Optigo Seniors Housing program provides long-term, non-recourse, assumable agency financing for stabilized independent living, assisted living, memory care, and CCRC communities. Competitive fixed and variable rates, up to 75% LTV, 30-year amortization. Delivered exclusively through Freddie Mac's designated Optigo Seniors Housing lender network.

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75%
Maximum LTV
1.30x
Min DSCR (IL)
30 yr
Max amortization
Non-recourse
Standard execution
Freddie Mac Optigo Seniors Housing — At a Glance
Max LTV75% standard / 70% cash-out refi
DSCR — IL1.30x minimum
DSCR — AL majority1.40x minimum
DSCR — MC / ALZ1.45x minimum
Loan term5–30 years fixed; 5–10 years variable
AmortizationUp to 30 years
Rate typesFixed and floating rate
RecourseNon-recourse (standard carve-outs)
AssumableYes — 1% fee + lender approval
Rate lockStandard; early lock 45–365 days pre-close
Rate lock deposit2% of loan amount (refunded at closing)
SupplementalAvailable — min. 1 year seasoning
Prepayment (fixed)Defeasance; yield maintenance option
SNF limitMax 20% of property NOI
ConstructionNot available — stabilized only
Delivered throughOptigo-designated Seniors Housing lenders
Important Note Freddie Mac Small Balance Loans (SBL) do not include licensed seniors housing. The standard SBL program excludes assisted living, memory care, skilled nursing, and most independent living with services. Senior housing financing from Freddie Mac is delivered through the dedicated Optigo® Seniors Housing program — a separate, specialized program requiring Optigo-designated lenders with specific Seniors Housing approval. Some independent living communities without care services may qualify under the conventional multifamily program — confirm with an Optigo lender.
Program Overview

Freddie Mac's Optigo
Seniors Housing Program

Freddie Mac's Optigo Seniors Housing program is one of the two primary agency execution paths for senior housing — alongside Fannie Mae's Seniors Housing program — providing non-recourse, competitively priced agency debt for stabilized assisted living, independent living, memory care, and CCRC communities across all 50 states.

The program is delivered exclusively through Freddie Mac's Optigo-designated lenders — a select group of lenders approved specifically for Seniors Housing. Not all Optigo lenders hold the Seniors Housing designation; borrowers must work with lenders who have been approved for this specialized product. Haven connects senior housing borrowers directly to Optigo Seniors Housing-designated lenders.

Like Fannie Mae, Freddie Mac does not provide construction financing. The Optigo Seniors Housing program is for acquisition and refinancing of existing, stabilized, purpose-built senior housing communities only.

Optigo® Lender Designation
Freddie Mac created a separate Optigo lender designation specifically for Seniors Housing — recognizing the specialized expertise required to underwrite and close seniors housing transactions. Borrowers must use a lender with the Optigo Seniors Housing designation, not simply any Freddie Mac multifamily lender.
Eligible & Ineligible Property Types
Eligible
IL
Independent Living
Age-restricted communities providing meals, housekeeping, transportation, and activities. Units resemble conventional apartments. Lowest DSCR requirement (1.30x minimum).
Eligible
AL
Assisted Living
Licensed communities providing non-medical personal care and ADL assistance. State-licensed and regulated. DSCR 1.40x when AL/ALZ comprises 50% or more of NOI.
Eligible
MC / ALZ
Memory Care & Alzheimer's
Secured, specialized communities for residents with Alzheimer's and dementia. Highest DSCR (1.45x minimum). Requires Senior Liability Assessment and regulatory review.
Eligible
CCRC
Continuing Care Retirement Communities
Rental CCRCs combining IL, AL, MC, and limited SNF under one ownership. Freddie Mac finances combinations of care types. Entrance fee communities may be eligible on exception basis.
Limited — Max 20% NOI
SNF
Skilled Nursing
Skilled nursing units may not contribute more than 20% of the property's overall NOI for the loan to remain eligible. 100% skilled nursing properties are ineligible.
Ineligible via SBL
SBL Exclusion
Licensed Seniors Housing via Small Balance Loan
Licensed seniors housing communities (AL, MC, SNF) are NOT eligible for the Freddie Mac Small Balance Loan program. These properties must use the Optigo Seniors Housing program.
DSCR & LTV Requirements

Coverage Requirements
by Property Type

Freddie Mac's DSCR requirements for seniors housing are tiered by care level — reflecting operational complexity, regulatory risk, and income volatility at each level of care. Memory care and assisted living carry higher minimums than independent living.

For mixed-care properties, the applicable DSCR is determined by which care type contributes 50% or more of NOI. Properties with roughly equal splits may require a weighted-average calculation — confirm with your Optigo lender.

Freddie Mac's maximum LTV is 75% for standard transactions — slightly lower than Fannie Mae's 80% standard. Cash-out refinances carry a further reduction to approximately 70%.

No Refinance Test — Waiver Thresholds
The Refinance Test (stress-testing future payoff at higher rates) is waived when a loan meets both of the following thresholds simultaneously. Qualifying for the waiver can meaningfully impact loan sizing.
LTV threshold for waiver≤ 55%
IL — minimum amortizing DSCR≥ 1.45x
AL — minimum amortizing DSCR≥ 1.55x
AL with SNF beds≥ 1.60x
IL Only
Independent Living
1.30x
Minimum DSCR for 100% independent living communities — the lowest requirement under the program, reflecting lower regulatory complexity and more predictable income.
50%+ AL/ALZ of NOI
Assisted Living Majority
1.40x
Minimum DSCR when assisted living or ALZ units contribute 50% or more of overall NOI. Higher requirement reflects operational leverage and state licensing exposure.
MC / ALZ Only
Memory Care / Alzheimer's
1.45x
Highest DSCR minimum for 100% memory care or Alzheimer's communities. Maximum staffing intensity, regulatory scrutiny, and operational complexity warrant the highest coverage requirement.
Mixed Care Types
IL + AL/MC Combination
Determined by majority NOI contributor
If IL is majority: 1.30x. If AL/ALZ is majority: 1.40x. If roughly equal: weighted average calculation applies. Confirm exact threshold with Optigo lender for your specific mix.
Program Comparison

Freddie Mac vs. Fannie Mae
Seniors Housing — Key Differences

Both Freddie Mac and Fannie Mae offer agency execution for seniors housing. Choosing between them depends on loan size, property type, market, and execution preferences. Haven evaluates both programs for every eligible borrower.

Factor Freddie Mac Optigo Fannie Mae Seniors Housing
Max LTV75%80%
Min DSCR — IL1.30x1.30x
Min DSCR — AL1.40x1.40x
Min DSCR — MC1.45x1.45x
Fixed-rate termUp to 30 years5–30 years
Variable-rate term5–10 yearsAvailable (contact Deal Team)
Non-recourseYes — standard carve-outsYes — standard carve-outs
AssumableYes — 1% feeYes — 1% fee
Typical close time60–90 days6–12 months
Repeat borrower time30–60 daysTypically 4–6 months
Prepayment — fixedDefeasance / yield maintenanceYield maintenance
Application feeGreater of $5,000 or 0.15%Greater of $5,000 or 0.15%
Rate lock deposit2% (refunded at closing)Varies — typically 1%
Operator experienceRequired (varies by lender)5 years / 5 properties minimum
Lender networkOptigo Seniors Housing lendersDUS Seniors Housing lenders
ConstructionNot availableNot available
Source: Freddie Mac Optigo program materials, Fannie Mae DUS program materials, and Lument/multifamily.loans term sheets. Terms subject to change — confirm current program requirements with your lender at time of application.
Complete Term Reference

Freddie Mac Optigo Seniors Housing
Full Term Sheet

Loan Structure & Leverage
Maximum LTV — acquisition75%
Maximum LTV — cash-out refi~70% (reduced ~5%)
Fixed-rate loan termUp to 30 years
Variable-rate loan term5–10 year fixed period
AmortizationUp to 30 years
Interest-only availableYes — partial or full term
RecourseNon-recourse (standard "bad act" carve-outs)
Borrower entitySPE required; Single Asset Entity for loans <$5M
SNF NOI limitMax 20% of property's overall NOI
Commercial space limitMax 20% of EGI or 20% of sq footage
Construction financingNot available — stabilized only
Rates, Fees, Process & Prepayment
Rate typesFixed and floating rate
Day countActual/360
Rate lock (standard)75 days from signed application
Early rate lock45–365 days pre-closing; index lock available
Rate lock deposit2% of loan amount — refunded at closing
Application feeGreater of $5,000 or 0.15% of loan amount
Third-party report est.~$25,000 (lender fee)
Lender legal fee est.$17,500–$25,000
AssumableYes — 1% fee + lender approval
Prepayment — fixedDefeasance; yield maintenance option
Prepayment — floatingFour options; waived final 90 days
Typical closing timeline60–90 days; 30–60 for repeat borrowers
Upfront Costs to Budget

Transaction Costs
Beyond the Loan

Freddie Mac Optigo Seniors Housing transactions involve several upfront costs that borrowers should budget for before application — beyond the interest rate and loan fees.

Application Fee
Freddie Mac Application
0.15%
Greater of $5,000 or 0.15% of loan amount. Paid at application. Non-refundable if borrower withdraws after Freddie Mac commitment.
Rate Lock Deposit
Rate Lock / Index Lock
2.0%
2% of loan amount required at rate lock — held as a deposit and refunded at closing. Required for both standard and early rate lock commitments.
Third-Party Reports (Est.)
Appraisal, PCA, Phase I & Liability Assessment
~$25K
Estimated lender fee of approximately $25,000 for required third-party reports: Appraisal, Physical Condition Assessment, Phase I ESA, and Senior Liability Assessment. Seismic report additional for zones 3 and 4.
Lender Legal Fee (Est.)
Lender Counsel
$17.5–25K
Estimated lender legal fees of $17,500–$25,000 for loan document preparation and review. Borrower pays their own legal fees separately — budget for both.
Execution & Timeline

Faster Agency Execution
Than Fannie Mae

Freddie Mac's Optigo Seniors Housing program is generally faster to close than the Fannie Mae seniors housing equivalent — typically 60–90 days versus Fannie Mae's 6–12 month timeline. For repeat borrowers using the same Optigo lender, closings of 30–60 days are achievable.

The speed advantage is Freddie Mac's primary competitive edge over Fannie Mae for seniors housing — particularly relevant for acquisitions with defined closing timelines or bridge loan maturities. Freddie Mac's early rate lock options allow borrowers to lock rates 45–365 days before closing — managing rate risk without sacrificing execution speed.

Faster than Fannie Mae — 60–90 days vs. 6–12 months typical
Repeat borrower speed — 30–60 days for same lender/borrower combinations
Early rate lock — 45–365 days pre-close; index lock available
Rate lock deposit refunded — 2% deposit fully returned at closing
Floating-rate prepayment waiver — no prepayment premium in final 90 days
Week 1–2
Pre-Screening & Optigo Lender Introduction
Haven introduces you to Optigo Seniors Housing-designated lenders. Preliminary DSCR, LTV, and occupancy review confirms eligibility before committing to full application and fees
Week 2–4
Application & Third-Party Report Ordering
Application submitted with $5,000/0.15% fee. Third-party reports ordered simultaneously — Appraisal, PCA, Phase I ESA, Senior Liability Assessment. Report procurement is typically the critical path
Week 4–8
Underwriting & Commitment
Optigo lender underwrites the loan using completed reports and financial package. Freddie Mac commitment issued. Rate lock initiated — 2% deposit required at rate lock
Week 8–12
Closing & Loan Purchase
Loan closes under Optigo lender's name. Freddie Mac purchases the mortgage. 2% rate lock deposit refunded at closing. Prepayment premium waiver applies in final 90 days for floating-rate loans
Haven Capital Solutions

Haven Connects Senior Housing
Borrowers to Optigo Lenders

Haven Senior Investments is a capital broker — not a lender. Our role is to understand your property, evaluate whether Freddie Mac Optigo Seniors Housing is the right execution, and introduce you directly to Optigo-designated lenders who are specifically approved and experienced in seniors housing transactions.

Haven also evaluates Fannie Mae Seniors Housing for every Freddie Mac inquiry — the two programs often compete, and the right choice depends on loan size, timeline, LTV needs, and operator profile. We make the comparison for you and recommend the execution that serves your deal best.

Optigo Seniors Housing lender introductions
Direct introductions to Optigo lenders with the Seniors Housing designation — not generic Freddie Mac multifamily lenders who lack seniors housing approval
Freddie vs. Fannie evaluation
Haven evaluates both programs for your property and recommends the execution that best fits your timeline, LTV need, and operator qualification profile
SBL vs. Optigo clarification
Many borrowers approach Freddie Mac SBL for seniors housing unaware it is ineligible for licensed care facilities — Haven prevents this common and costly mistake
Transaction support through closing
Haven stays engaged through the report process, commitment, rate lock, and closing — helping manage the timeline and ensuring all documentation requirements are met
Freddie Mac Optigo Inquiry
Talk to a Haven Advisor
Respond within one business day. Strict confidentiality, no obligation. Senior housing only.
Email
Which topic best describe your inquiry?
If you are looking to purchase, what are the # of units desired per acquisition or project
How many units do you own?

Confidential · No obligation
Haven Senior Investments · Capital Broker · Senior Housing Only

Explore All Senior Housing
Financing Programs
Freddie Mac is one execution path. Haven also connects borrowers to Fannie Mae Seniors Housing, HUD 232, USDA B&I, SBA 7(a), bridge debt, and preferred equity.
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