Walker & Dunlop (WD) announced the premiere of its large loan bridge program, which will widen the door for financing for multifamily properties.
The new program will originate adjustable rate loans on multifamily properties that do not currently qualify for permanent financing but will be candidates for permanent funding through one of the company’s channels, including Fannie Mae, Freddie Mac and Housing and Urban Development, once stabilized or repositioned.
Furthermore, the new program is funded through a large Canadian institutional investor, a U.S. real estate investment manager and Walker & Dunlop.
The program will focus on loans $30 million and above with loan terms of up to three years on multifamily properties.
"This new program provides Walker & Dunlop with significant equity capital to dramatically scale this line of business to meet our borrowers' needs at this time in the real estate cycle,” Walker & Dunlop Chairman and CEO Willy Walker, said.