Greystone Selected as One of First Approved Multifamily Lenders for Freddie Mac’s New Small Loans Program
October 20, 2014
Greystone 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