CBRE Wholesale Lending Funds $5MM with Sub-3.90% Rate in La Habra, CA under its Freddie Mac SBL Progra
Sacramento, CA – December 4, 2017 - CBRE Wholesale Lending provided an acquisition loan at 66% LTV in the amount of $5,000,000 for The Heights Apartments, a 30-unit project in the greater Los Angeles submarket of La Habra, Calif., under Freddie Mac’s Small Balance Loan Program.
This refinance loan utilized the SBL program’s 10-Year Fixed Rate program with a sub-3.90% interest rate, on a non-recourse basis. “These were repeat, known sponsors for CBRE and the mortgage banker client, and CBRE Wholesale was able to go to bat to deliver an amazing interest rate for this acquisition,” said Adam Dosskey, VP, CBRE Wholesale Lending.
The non-recourse loan provided a 10-year fixed rate, and 30-year amortization. Borrowers opted for yield maintenance prepay as opposed to our stepdown prepay option, for the improved pricing and to better accommodate their goal of a long-term hold.
The mortgage banker for this transaction is based in the Pasadena area and does a substantial amount of Freddie Mac SBL volume with CBRE Wholesale.
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 $2 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]