New York –– Greystone, a leading national provider of
multifamily and healthcare mortgage loans, 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 a complete copy of the company’s news release, please
contact:
Greystone
Karen Marotta
212 896 9149
Cognito
Jessica Kleinman/Josh Gerth
646 395 6300
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