Enterprise’s Multifamily Mortgage Finance Group Expands Its Participation in Fannie Mae’s Lending Program
By Anuradha Kher, Online News Editor
September 22, 2009 – Washington, D.C.–Enterprise Community Investment Inc. has expanded its Fannie Mae affordable platform to include products for the acquisition, refinance or rehabilitation of market-rate multifamily housing.
Enterprise’s multifamily lending portfolio has resulted in more than $543 million in financing to create approximately 16,000 affordable apartments and homes using the Fannie Mae product line. This portfolio includes multifamily mortgages for the rehabilitation or new construction of affordable housing or market-rate housing.
“Enterprise is committed to continuing to provide multifamily mortgage financing for affordable housing in low- to moderate-income communities across the country,” says C. Lamar Seats, senior vice president, Enterprise. “With the expansion of our special Fannie Mae lending program, we can now help both affordable and market-rate multifamily housing owners acquire, refinance or rehab and potentially reduce operating costs. Refinancing proceeds can be used towards weatherization improvements, green retrofits or preservation of family and seniors housing. We want to be one-stop shop for helping property owners get their deals done in the current market.”
In addition, Enterprise provides Federal Housing Administration (FHA) multifamily and health care loans as a HUD-approved Multifamily Accelerated Processing (MAP) lender. Enterprise also provides U.S. Department of Agriculture (USDA) Section 538 Rural Development loans nationwide through its Multifamily Mortgage Group.
“As a full-service FHA multifamily and health care lender, Enterprise offers a streamlined approach to originating, processing, underwriting, funding and servicing FHA-insured loans,” says Gary Alex, director of FHA Lending, Enterprise. “We work with for-profit and nonprofit owners, joint ventures and developers to help them meet their permanent financing needs. Plus, we offer online mortgage loan servicing for our customers.”
