Source: Walker & Dunlop
BETHESDA, MD - Walker & Dunlop, Inc. announced today the launch of its interim loan program ("the program"). The program will initially be focused on East Coast markets and will offer floating-rate interim loans to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent financing. The Company will service and asset manage loans originated through the program with the ultimate goal of providing permanent, fixed-rate financing on the properties.
The program will focus on loans ranging from $5 million to $15 million with loan terms up to two years. Loan term extension options may be available depending on property performance. The Company will fund loans originated through the program using a combination of Company capital and credit facilities.
"We continue to focus on developing proprietary, complementary product offerings in an effort to better serve our borrowers and execute on the strategic growth plan we outlined to investors at the time of our Initial Public Offering," said Willy Walker, Walker & Dunlop chairman, president and CEO. "We are excited to introduce the multifamily interim lending program and believe the program will meet current market demand for interim loans as developers acquire multifamily properties and reposition them prior to qualifying for permanent financing."
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading providers of commercial real estate financial services in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS™, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups of Walker & Dunlop are focused on lending to property owners, investors, and developers of multifamily properties across the country. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States. Capital for this financing comes from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investment group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.