Greystone Bolsters Affordable Housing Lending Services With Proprietary Loan Program
October 30, 2013
New Non-Agency Loan Offering Complements Greystone’s Existing Fannie Mae, Freddie Mac and FHA Lending Products
Greystone today launched its Greystone Affordable Loan Program, which provides long-term, fixed, forward rate-lock financing for multifamily affordable housing properties. The non-agency program complements Greystone’s existing Fannie Mae, Freddie Mac, and FHA lending platforms, providing borrowers with a comprehensive range of options for financing affordable housing developments, acquisitions and rehabilitations.
The Greystone Affordable Loan Program offers 15- or 30-year term non-recourse mortgages for loans of minimum $1,000,000. Loan to value ratios can range from 80% to 85% for LIHTC properties. The availability of this fixed-rate financing structure enables borrowers to either obtain an early rate lock for long-term financing, where new construction and/or repairs can be completed during the forward rate lock period, or immediate funding for moderate rehab transactions, where repairs or renovations occur upon closing of the permanent mortgage.
“We’re seeing more demand from borrowers as the affordable housing market matures, but there are few competitive financing solutions available today,” said Jeff Englund, managing director and head of Greystone’s Affordable Housing group. “Greystone’s Affordable Loan Program fills a widening gap in the affordable housing lending sector, while at the same time, we continue to offer a full spectrum of lending options through our traditional GSE platforms to meet our borrowers’ financing needs.”
Greystone, ranked as a top-10 Fannie Mae DUS lender by volume, top-5 Fannie Mae Multifamily Affordable Housing lender by volume and the number one FHA lender for 2012, offers a full range of long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.
For more information or to download a term sheet, visit Greystone’s Multifamily Mortgage Lending Affordable Housing page.