New proprietary multifamily loan program offers life-company style execution
MINNEAPOLIS (July 6, 2016) — NorthMarq Capital has created a new loan program with a life-company execution that targets multifamily loans between $3 million and $10 million. The program, called NorthMarq Direct, offers a proprietary balance sheet program as an additional capital solution for NorthMarq clients and will be offered through the company’s 36 production offices. NorthMarq’s dedicated team will rate lock, underwrite, close and service these mortgages and will remain point of contact with the client for the life of the loan.
“We know that borrowers are interested in some of the key features offered by Life Companies but that some loans don’t meet those criteria. This program offers a life-company execution, which gives borrowers a new option to consider and positions NorthMarq as having the most diverse multifamily financing options,” said Jay Donaldson, NorthMarq Capital’s leader of the new program and president of NorthMarq Capital Finance, the company’s Fannie Mae group . “This new program will build upon the existing NorthMarq partnerships, delivering certainty of execution, rate lock at application, fast time to close and a highly transparent and collaborative process.”
Key features of the product:
- Multifamily loans in the $3 – $10 million range up to 70% loan-to-value
- Rate lock at application
- Flexible loan terms from 5-30 years
- Flexible and customizable prepayment structures
“The program leverages NorthMarq’s multifamily production and underwriting expertise and its $47 billion servicing portfolio and $12 billion annual production volume. This product delivers an efficient multifamily execution backed by NorthMarq’s exceptional track record and award-winning service throughout the life of the loan.” said Donaldson.
NorthMarq offers financing options through Fannie Mae, Freddie Mac, FHA, life companies, most banks and many CMBS lenders. Following the close, NorthMarq provides life-of-loan servicing, ensuring a seamless experience and a single point of contact until loans are paid off or refinanced.