Greystone First Lender to Surpass $500 Million in Origination of Freddie Mac Small Balance Loans
October 26, 2015
Greystone announced it has originated over $500,000,000 in volume under Freddie Mac’s Small Balance Loan offering. The first approved Freddie Mac SBL lender to reach this milestone, Greystone has provided over 180 Freddie Mac SBL mortgages, generally ranging from $1 million to $5 million, since the SBL program was launched one year ago.
Current loan terms for Freddie Mac’s SBL offering include a hybrid ARM with initial 5-, 7-, or 10-year fixed-rate periods or 5-, 7-, or 10-year fixed-rate balloon loans, all with up to a 30-year amortization. Eligible properties for this loan product include conventional multifamily housing with five residential units or more, including conventional housing with tax abatements.
“Appetite for Freddie Mac’s Small Balance Loan product has been incredibly strong, as it is a very competitive product that is being well received throughout the market,” said Rick Wolf, Senior Managing Director and Head of Greystone’s Small Loan lending group.
“Greystone is a great and respected partner,” said Steve Johnson, Freddie Mac Multifamily Senior Director of Small Balance Loan Production. “They’ve supported the Small Balance Loan program from the very start and were integral in developing our flagship products. We couldn’t be more pleased with their performance to date and they’ve certainly earned their position as one of our top SBL lenders.”