NEW YORK, NY - Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced it has been selected by Freddie Mac Multifamily to sell loans under the new Small Balance Loan offering. This new agency platform offers fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million on multifamily acquisitions or refinancings.
"As the #1 GSE Small Loan lender, we're honored that Freddie Mac has the confidence in Greystone's agency lending capabilities to select us to offer the Small Balance Loan offering," said Rick Wolf, senior managing director and head of Greystone's Small Loan lending group. "This designation enables Greystone to offer more financing options for small loans, an important segment representing affordable rental housing, and we look forward to growing our relationship with Freddie Mac over time."
"With its existing track record in agency lending and affordable housing initiatives, Greystone is a natural choice to offer our first Small Balance Loan offering," added David Brickman, Executive Vice President of Freddie Mac Multifamily.
The Freddie Mac Small Balance Loan Terms include:
Properties with at least five units
Partial or full term interest only available
Up to 80% LTV
1:25x debt service coverage ratio minimum, and 1.20x in top markets
60-120 day rate lock
Hybrid ARMs or fixed-rate balloon mortgage loan
Highly competitive rates
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs. In 2013, Greystone ranked #1 in combined multifamily and healthcare FHA lending; #1 in Fannie Mae Small Loans and #3 in Affordable Housing volume as a Fannie Mae DUS® lender; and as a top-5 Freddie Mac lender for seniors housing.