Greystone Launches New Affordable Loan Program
- Oct 31, 2013
Greystone has launched its Greystone Affordable Loan Program, which provides long-term, fixed, forward rate-lock financing for multi-family affordable housing properties.
The new Greystone Affordable Loan Program offers 15- or 30-year term non-recourse mortgages for loans of minimum $1 million. Loan to value ratios can range from 80 percent to 85 percent for LIHTC properties.
“We’re seeing more demand from borrowers as the affordable housing market matures, but there are few competitive financing solutions available today,” Jeff Englund, managing director & head of Greystone’s Affordable Housing group, said in a company release. “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.”
The non-agency program provides borrowers with a comprehensive range of options for financing affordable housing developments, acquisitions and rehabilitations, complementing the company’s existing Fannie Mae, Freddie Mac, and FHA lending platforms.
By making this fixed-rate financing structure available, it 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.
A leading national provider of multi-family and healthcare mortgage loans, Greystone, ranked as a top-10 Fannie Mae DUS lender by volume, top-five Fannie Mae Multifamily Affordable Housing lender by volume and the number one FHA lender for 2012. The company offers a full range of long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.