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NorthMarq receives Freddie Mac Multifamily Approval in Nevada
Now approved in 38 states for conventional market rate loans, plus all 50 states for affordable and seniors loans
MINNEAPOLIS (Aug. 21, 2012) — NorthMarq announces that it has been approved by Freddie Mac as a Program Plus™ Seller Servicer in Nevada, allowing the company to originate Freddie Mac multifamily loans in the state. The addition of Nevada expands the NorthMarq footprint as the commercial mortgage banking firm with the highest number of Freddie Mac multifamily state approvals in the United States.
NorthMarq is now approved by Freddie Mac to originate conventional market rate loans in 38 states plus the District of Columbia and is also one of a handful of firms to be approved as both a Freddie Mac Seller Servicer for affordable housing and seniors housing loans in all 50 states. Freddie Mac is a government-sponsored enterprise (GSE) that buys mortgages on the secondary market, pools them, and sells them as a mortgage-backed security to investors on the open market.
NorthMarq had the second highest annual loan production for Freddie Mac in 2011 and has a dedicated team of 11 professionals to support the 33 NorthMarq regional offices originating Freddie Mac business. Paul Cairns, Co-Managing Director and Senior Vice President for NorthMarq’s Freddie Mac business, said that “the NorthMarq/Freddie Mac execution has been well received by borrowers with most loan interest rates below 4%. We recently locked a low-leverage 10 year loan at 3.13%.”
“Multifamily loans are an important part of our business and Freddie Mac and Fannie Mae are a great option for our production staff to offer clients across the country.”
Freddie Mac is one of two GSE’s; NorthMarq’s subsidiary AmeriSphere is a Fannie Mae DUS lender and a major source of FHA-Insured multifamily loans. NorthMarq also works with life companies, CMBS and other institutions producing $10 billion in annual loan volume. NorthMarq’s multifamily loan production constitutes the largest percentage of loans closed for the company in recent years; although NorthMarq provides financing for all commercial property types.
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $10 billion in annual production volume and servicing a loan portfolio in excess of $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.