The Walker & Dunlop, Inc. multifamily small loans team, WDExpress, is now an approved Freddie Mac Optigo Small Balance Lender, the company announced in a release.
As an approved lender, Walker & Dunlop is part of a group of 12 multifamily lenders that work exclusively with the Freddie Mac Small Balance Loan (SBL) production team.
The designation provides a platform to originate and sell multifamily loans of $1 million to $7.5 million, with at least five apartment units, nationwide. To help support the nationwide need for affordable housing, Freddie Mac offers special programs for small balance loans, the company said.
Smaller properties play a unique role in the rental housing market, the release said, as they tend to be more affordable and located in urban areas. Through the Freddie Mac SBL program, WDExpress can provide affordable financing solutions with terms that meet their clients’ needs, including:
- Non-recourse loans;
- Fixed and hybrid floating-rate options;
- Interest-only available;
- Lower closing costs than traditional agency financing; and
- Ability to lend in secondary and tertiary markets.
“We are thrilled to add the Freddie Mac SBL program to our platform, which will help propel us to the forefront of small balance multifamily lending,” WDExpress Senior Vice President and Chief Production Officer Mark Besharaty said in the release. “As an SBL lender, we will work closely with Freddie Mac to find financing that meets our clients’ needs, offering better terms and a faster, simpler loan process.”
Since its launch in 2018, the WDExpress team has closed Freddie Mac Targeted Affordable Housing (TAH) Loans and Fannie Mae Multifamily Small Loans, providing small balance financing for different property types, including market-rate properties, mixed-use properties, and manufactured housing communities (MHC).
“We are pleased to welcome Walker & Dunlop as the newest member of our Optigo Small Balance Loan network,” said Megan McElgunn, senior director of SBL production and sales for Freddie Mac Multifamily. “As a top lender in the multifamily space for many years, Walker & Dunlop has deep expertise and experience that make them an excellent addition to the team. Working together, we will provide essential financing to this important part of America’s affordable housing landscape.”