Greystone Originates $120 Million for Freddie Mac’s First Guaranteed Small Balance Loan Securitization
August 6, 2015
Greystone announced it has originated and delivered to Freddie Mac the 44 loans totaling approximately $120 million as part of Freddie Mac Multifamily’s first guaranteed Small Balance Loan securitization.
Freddie Mac’s guaranteed Small Balance Loan offering, which Greystone first began selling in October 2014, includes fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million (with five or more units) on multifamily acquisitions or refinancings.
“We knew right out of the gate that Freddie Mac’s small balance loan product would be extremely competitive and attractive to our clients in the smaller multifamily market,” said Rick Wolf, senior managing director and head of Greystone’s small loan lending group. “We are honored to have reached the securitization milestone first with Freddie Mac and look forward to continuing to offer this option to multifamily owners nationwide.”
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 in certain markets
- 1:25x debt service coverage ratio minimum in many markets, and 1:20x in top markets
- 60-120 day rate lock available
- Hybrid ARMs or fixed-rate mortgage loan
- Highly competitive rates