An Introduction to Ginnie Mae Project Loans

Ginnie Mae Project Loans (GNPL), one of the major agency CMBS products, had a breakout year in 2020 as new issuance doubled since 2019. 

Typically fixed rate loans that have a maturity term of 35-40 years and full amortization, GNPL are backed by multi-family, health care and rural housing properties, and carry explicit US government guarantee and an outstanding balance of about $137 billion.

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