Capital One recently provided eight loans totaling $15.5 million to refinance or purchase eight properties totaling more than 200 units in Los Angeles, Culver City and Hemet, Calif., as well as Tucson, Ariz. Andrew Kwok, vice president in Capital One Multifamily Finance’s office in Newport Beach, Calif., originated these transactions through Freddie Mac’s Small Balance Loan program.
“This enables us to assemble debt structures that complement our clients’ individual investment strategies on a case-by-case basis,” said Kwok in prepared remarks.
Capital One’s Freddie Mac SBL program offers a low-cost financing option for acquisition and refinance of small rental properties. Recently, Freddie Mac expanded the program’s requirements to include properties ranging from $1 million to $6 million in all markets and between $6 million and $7.5 million for properties with 75 units or fewer in top and standard SBL markets.
“We are able to use the full range of Freddie Mac and Fannie Mae products to complement our balance sheet lending,” said Senior Vice President Josh Bodin, who oversees Capital One’s SBL lending.
Earlier this year, Capital One also provided a $10 million loan for the acquisition of Chardonnay Ridge Apartments, a 116-unit apartment community in Modesto, Calif., as well as an $8.5 million loan to refinance Bravo Mobile Home Park, a 156-unit manufactured housing community in Riverside, Calif.
Image courtesy of Capital One