Walker & Dunlop Inc. has launched an interim loan program. To be initially offered in East Coast markets, the loan program will provide floating-rate interim loans to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent financing.
Walker & Dunlop will service and asset-manage loans originated through the program, with the ultimate goal of providing permanent, fixed-rate financing on the properties.
The program will focus on loans ranging from $5 million to $15 million with loan terms up to two years. Loan-term extension options may be available, depending on property performance, the company says. Walker & Dunlop will use a combination of company capital and credit facilities to fund the loans.
‘We continue to focus on developing proprietary, complementary product offerings in an effort to better serve our borrowers and execute on the strategic growth plan we outlined to investors at the time of our initial public offering,’ says Willy Walker, Walker & Dunlop's chairman, president and CEO. ‘We are excited to introduce the multifamily interim lending program and believe the program will meet current market demand for interim loans as developers acquire multifamily properties and reposition them prior to qualifying for permanent financing.’
