New York, NY – Greystone, a leading national provider of multifamily and healthcare mortgage loans, today launched its Greystone Affordable Loan Program, which provides long-term, fixed, forward rate-lock financing for multifamily affordable housing properties. The non-agency program complements Greystone’s existing Fannie Mae, Freddie Mac, and FHA lending platforms, providing borrowers with a comprehensive range of options for financing affordable housing developments, acquisitions and rehabilitations.
The Greystone Affordable Loan Program offers 15- or 30-year term non-recourse mortgages for loans of minimum $1,000,000. Loan to value ratios can range from 80% to 85% for LIHTC properties. The availability of this fixed-rate financing structure 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.
“We’re seeing more demand from borrowers as the affordable housing market matures, but there are few competitive financing solutions available today,” said Jeff Englund, managing director and head of Greystone’s Affordable Housing group. “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.”
Greystone, ranked as a top-10 Fannie Mae DUS lender by volume, top-5 Fannie Mae Multifamily Affordable Housing lender by volume and the number one FHA lender for 2012, offers a full range of long term, bridge, gap, Fannie Mae, Freddie Mac, FHA and CMBS lending solutions.
ABOUT GREYSTONE
Greystone is a financial services and private investment group whose original core business is real estate lending. Over the years, Greystone has added business lines that are related to, and are natural extensions of, its core business. Headquartered in New York with a presence in 35 states and 17 offices, Greystone is active in four major business segments: Mortgage Finance, Proprietary Investment, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion.
Loan products are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, please visit www.greyco.com.
Press Contacts:
Greystone
Karen Marotta
212 896 9149
Cognito
Jessica Kleinman/Josh Gerth
646 395 6300