Week of 5/5 – Multifamily Lending Update


Your Multifamily Lending Update by EM CAPTIAL LLC.

Multifamily Market: Class C properties are the winner for growth in new lease signings. They are up over 8% from prior year.

GSE: Fannie/Freddie:

Fannie: No longer beating Freddie in pricing as Freddie enters the race with new lower rates. Fannie continues to eye the market, though the Fannie Mae Streamlined Rate Lock has yet to be reintroduced.

Freddie: Lowering spreads by 20 basis points for their fixed-rate conventional and affordable deals. Borrowers are showing conservative optimism as many turn to the Freddie Mac ARM product as a flexible solution

CMBS: Slowly opening.

Lenders are selling off pre-covid loans to as they restructure their balance sheets. Underwriting standards will be more stringent, and pricing will now mirror the secondary market.

Life Insurance Companies: Slow and steady. Sticking to 50-60% leverage and continuing to quote 3.0-4.0%. Deal flow has not been an issue for Life though borrowers continue to have second thoughts when it comes to signing.

FHA/HUD: Business is moving along. Record low rates, high refinance activity, and no shortage of new construction.

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