NEW YORK, May 23, 2016 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, announced it has originated and closed $1,000,000,000 in Freddie Mac Small Balance Loans since the Freddie Mac Small Balance Loan program was launched in October 2014. In that time, Greystone has closed over 350 Freddie Mac Small Balance Loan transactions from the East Coast to the West Coast.
"We applaud Greystone's continued commitment to the small loan market and reaching this milestone," said Steve Johnson, Freddie Mac's senior director of small balance lending. "In serving the critical small loan market, Greystone delivers consistent service and reliable execution."
Freddie Mac’s Small Balance Loan program includes fixed-rate and hybrid adjustable-rate mortgage loans ranging from $1 million to $5 million on multifamily acquisitions or refinancings.
"Freddie Mac’s small balance loan product continues to be our fastest-growing platform, as it addresses the specific financing needs of smaller multifamily property owners with a highly competitive product,” said Rick Wolf, Senior Managing Director and head of Greystone's small loan lending group. “Greystone has a seamless loan application and origination process in place which covers the US, and we continue to be a leading provider of Freddie Mac small balance loans.”
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 and low transaction costs
For more information or to contact Greystone about small balance loans, visit www.smallbalance.loan.
About Greystone
Greystone is a commercial real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance. Our range of services includes commercial lending across a variety of platforms such as Freddie Mac, Fannie Mae, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates.