Pillar Multifamily LLC, Guggenheim Partners' Fannie Mae Delegated Underwriting and Servicing arm, and 801 Capital Finance Co. LLC, an affiliate of Flat 801 Management Co., have entered into a correspondent agreement.
Under the deal terms, 801 Capital will source Fannie Mae-eligible multifamily mortgage loans for Pillar throughout its national network, outside of Southern California. Pillar will have the first option, but not the obligation, to originate all Fannie Mae-eligible mortgage loans sourced by 801 Capital.
The agreement formalizes a longstanding relationship between Pillar and 801 that has resulted in the delivery of more than $275 million in loans this year, according to officers at the firms.
