CBRE Wholesale Lending Funds $2.62MM for purchase in Jacksonville, FL under its Freddie Mac SBL Program
Charlotte, NC – September 25, 2017 - CBRE Wholesale Lending provided acquisition financing of $2,620,000 for a 68-Unit Apartment Community in Jacksonville, FL., under Freddie Mac’s Small Balance Loan Program.
“The 80% loan-to-value loan provided the buyer with the maximum allowable financing under Freddie Mac’s SBL program. This high LTV loan allowed the buyer to retain capital in order to make improvements to the property in the months ahead, thereby repositioning the asset. Additionally, we were able to offer the first three years of payments on an Interest-Only basis, further allowing the borrower to reinvest in the property,” said Darryl Boukedes.
The transaction was brought to CBRE Wholesale Lending by a leading commercial loan broker based out of Jacksonville, FL. The loan offered a 10 year fixed-to-float rate, 30 year amortization, non-recourse, and a yield-maintenance prepayment schedule, with a rate in the low 4% range.
About CBRE Wholesale Lending
CBRE Wholesale Lending is a leading national wholesale lender that lends exclusively to banks, mortgage bankers and brokers. All loans are originated via its network of third-party mortgage bankers, brokers and banks. CBRE is a Freddie Mac Small Balance Seller/Servicer offering highly competitive rates, low closing costs, and a streamlined closing process. CBRE is also the #1 Freddie Mac Program Plus Seller/Servicer. Since joining the Freddie Mac Small Loan Balance program in April 2015, CBRE has closed more than $1 billion in small balance loans.
For more information about CBRE Wholesale Lending, or to become a correspondent, please contact:
Jeff Pirhalla, VP Wholesale – National Accounts/Northern US, 704-350-5071 | [email protected]
Darryl Boukedes, VP Wholesale – Southern US, 704-350-5072 | [email protected]
Adam Dosskey, VP Wholesale - Northwest US, 650-241 9740 | [email protected]
Derek Hernandez, VP Wholesale – Southwest US, 858-774-5962 | [email protected]