Amid Ongoing Pandemic, Greystone Achieves Small Loan Milestones with Freddie Mac and Fannie Mae to Support Workforce Housing in America
Greystone Exceeds $1 Billion in Total Small Loan Originations with Freddie Mac and Fannie Mae Combined Year-to-Date; Reaches Lifetime Origination Total for Freddie Mac SBL Loans of Over $5 Billion
Greystone announced it has reached two significant milestones in small loan production, including exceeding $1 billion in combined Freddie Mac and Fannie Mae multifamily small loans origination year-to-date in 2020. A participant with both GSE small loan programs since inception, Greystone Servicing Company LLC is one of the first Optigo® lenders to exceed $5 billion in origination for Freddie Mac’s Small Balance Loan platform since their program launched in 2014.
“The market challenges that arose this year during the pandemic particularly impacted the workforce housing market, but Greystone has remained steady as a source for Agency financing throughout it all, especially as interest rates continue to remain low,” said Rick Wolf, head of Greystone’s small loan platform. “We value our partnerships with Freddie Mac and Fannie Mae and their critical role in helping to finance the workforce housing market, which supports critically-needed affordable rental housing in all markets around the nation.”
Loans offered for the small loan asset class, which typically include properties between 5 and 50 units, range from approximately $1 million to $6 million (up to $7.5 million for Freddie Mac). The mortgages include hybrid adjustable rates, fixed rates, and interest-only options at up to 80% LTV, as well as flexible step down prepayment options. Interest-only financing is available on a case-by-case basis.
“We congratulate Greystone on achieving a tremendous milestone - being one of the first Optigo Small Balance lenders to surpass the $5 billion mark,” said Megan McElgunn, Senior Director of SBL production for Freddie Mac. “Since 2014, Greystone has been a key partner contributing to the success of our SBL platform, and we look forward to our continued work together in providing financing to this critical segment of the multifamily market.”
“Greystone continues to be a vital contributor to Fannie Mae’s small loans lending platform. Their dedication and experience in this important segment of housing has been crucial and we are grateful for their partnership in providing liquidity for workforce housing,” said Ann Atkinson, Senior Director, MF Customer Engagement, Fannie Mae. “With partners such as Greystone, we provide reliable and sustainable financing solutions for small loans nationwide. Today, more than ever, people need access to safe, decent, affordable housing; Greystone and Fannie Mae are here to fulfill that need through this difficult time.”