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August 5, 2009, 10:16 am
RE: Counterpoint: Less trouble with lending than series suggested - Minneapolis Star Tribune
Freddie Mac and Fannie Mae multi-family loan closing volume and advice . At a recent industry event in Scottsdale, Arizona, a representative from Freddie Mac spoke about efforts to fund multi-family property deals in the face of extremely tight credit conditions. Although Freddie Mac is issuing loans only under tightened standards, it and Fannie Mae are the most active lenders closing multifamily loans right now. The Freddie Mac representative referred to the "Dark Age of Lending" in 2006 and early 2007, when “most any deal would work." Since then, lenders have significantly tightened their underwriting across the board to thoroughly understand environmental risk before extending credit. In terms of the forecast, Freddie Mac funded 1,820 loans last year at a volume of $24.3 billion, and is expected to fund another 1,500 worth $18 to $20 billion this year. Asked to provide some suggestions for environmental due diligence reports, the Freddie Mac representative had suggestions that relate to lenders, brokers and attorneys on the choice of Environmental Professionals: Select an Environmental Professional who will provide true "consulting" to your clients including giving recommendations to clients, along with advice for how to manage any environmental risks and will make the effort to know the ultimate user of the environmental due diligence report and understand their needs and requirements. The needs of borrowers, brokers, lenders and attorneys may vary and the Environmental Professional must incorporate the needs of all parties into a single report, and may need to provide additional specific recommendations and advice separately to borrowers, brokers and attorneys in order to expedite processing of the loan.
Ed - Rochester, New York
August 5, 2009, 10:15 am
RE: Counterpoint: Less trouble with lending than series suggested - Minneapolis Star Tribune
Inviting Developers & Property Owners to come mingle & hire their next Design/Const. team at this Dwntwn ORL Mixer on 8/26/09.
Curtis - Orlando, Florida
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