Multifamily Mortgage, Assignment of Rents and Security Agreement (MMA) is a legal document that is used to secure a loan for the purchase of a multifamily property. The MMA serves two main functions. First, it acts as a mortgage, which gives the lender a security interest in the property. Second, it provides a mechanism for the borrower to protect their interest in the rental income generated by the property. The MMA is an important component of a loan transaction and is usually required by lenders when financing multifamily properties. The MMA typically includes three components: the mortgage, the assignment of rents, and the security agreement. The mortgage is a document that serves as a lien on the property, securing the loan and giving the lender the right to foreclose on the property if the loan is not repaid as agreed. The assignment of rents is a document that assigns the borrower’s rights to the rental income generated by the property to the lender. The security agreement outlines the terms of the loan, such as the interest rate, repayment terms, and any other conditions that the lender and borrower have agreed to. There are a few different types of MMA that are commonly used in loan transactions. The most common type is a recourse loan, which requires the borrower to personally repay the loan if they default. A non-recourse loan does not require personal repayment, but the lender still has the right to foreclose on the property. Other types of MMA include wraparound loans, which involve the use of a second loan to pay off the original loan, and blanket loans, which involve the use of multiple mortgages to secure one loan.
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