Walker & Dunlop Launches Interim Loan Program
- Jul 22, 2011
Bethesda, Md.–Walker & Dunlop, Inc. has launched its interim loan, which will initially be focused on East Coast markets and offer floating-rate interim loans to experienced borrowers seeking to acquire or reposition multifamily properties that do not currently qualify for permanent financing. The firm 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, with loan-term extension options available in some cases depending on property performance. The firm will fund loans originated through the program using a combination of the firm’s capital and credit facilities.
Willy Walker, Walker & Dunlop chairman, president and CEO, says the firm will “continue to focus on developing proprietary, complementary product,” and that his team believes “the program will meet current market demand for interim loans as developers acquire multifamily properties and reposition them prior to qualifying for permanent financing.”