Walker & Dunlop has closed a $152,944,000, eight-property loan portfolio with a long-time repeat borrower based in Arizona.
The properties are located in Texas, Oklahoma and Arizona.
Alex Inman, vice president at Walker & Dunlop, led the team and closed the transactions within 48 days of the borrower signing the applications.
“The Walker & Dunlop team facilitated a seamless transaction while working with Freddie Mac to develop a customized loan structure for the borrower,” Inman said. “Freddie Mac and Walker & Dunlop expedited the loan process to meet the borrower’s specified timeframe.”
The borrower financed the portfolio via Freddie Mac’s Capital Markets Execution program and utilized the seven year, floating rate Capped ARM product. Seven of the eight deals in the portfolio are structured with one year of interest only and a 30-year amortization thereafter.
The eighth deal is structured with a 30-year amortization. The average loan-to-value and debt-service-coverage ratio of the portfolio is 77% and 1.28, respectively.
Additionally, the borrower recouped a significant amount of equity at closing and the new loans provide a more favorable prepayment structure. The initial blended start rate of the pool is 2.39%.