Walker & Dunlop, which already ranks among Fannie Mae’s top five multifamily small loan lenders, is planning to grow its small loan business even more.
The company announced this week that it hired Larry Wilemon as vice president and Chris Montes as deputy chief underwriter.
Wilemon and Montes will be based in Los Angeles and will work with Senior Vice President and Chief Production Officer Mark Besharaty to lead Walker & Dunlop’s small loan program, which provides financing solutions for smaller multifamily properties. The loans in this program are typically between $1.5 million and $3 million and can be as much as $6 million in higher-cost areas.
According to Walker & Dunlop, both Fannie Mae and Freddie Mac have seen growth in recent years in their smaller loan programs, with loan volume rising 57.8% from 2016 to 2017. And W&D is planning to capitalize on that growth with its two new hires.
Wilemon joins the company from Hunt Mortgage Group, where he was vice president in the Small Balance Commercial Real Estate Lending Group. In this role, Wilemon was responsible for the origination of small balance loans for properties in all 50 states.
Montes joins Walker & Dunlop from Arbor Realty Trust, where he was a deputy chief underwriter. In that role, Montes managed a national team of underwriters and analysts and overseeing all contract underwriting relationships focused on Fannie Mae’s Multifamily Small Loan and Freddie Mac’s Small Balance Loan products.
Earlier in his career, Montes was an underwriter at Berkeley Point Capital and Arbor Commercial Mortgage.
“As we discover new ways to help provide more affordable options for renters, we are continuing to bring innovators like Larry and Chris into the Walker & Dunlop family,” Besharaty said. “With over 30 years of combined experience, Larry and Chris are key players in the multifamily small loan space, and we are thrilled to have them join our team.”