Small Balance Apartment Lenders – Part 2
Posted by Jordan Crouch on June 17, 2008
(This is a follow up to a post in April. )
Within a certain loan size ($500,00 to $5 million) there has always been three main apartment lenders: Countrywide, WaMu, and World Savings. As Countrywide hit the brakes last year and the other two slowed down their lending at the beginning of this year, it was natural to assume another lender(s) would step up to fill the void. Finally, within the last month in fact, I’ve seen several lenders jump in. These lenders are offering streamline programs that include lower fees (compared to larger loans), 30-year amortizations, full recourse and an easy process. Being that not many larger acquisition deals are getting done right now, this is another way for lenders to get money out the door.
