Codina will offer Fannie Mae lending programs to owners of multifamily residential properties as part of its Real Estate Services Group mortgage and investment banking services.

Steve Nostrand, Codina's director of mortgage and investment banking, tells GlobeSt.com that as a correspondent for Collateral, Codina will directly originate, process, underwrite and deliver small-loan programs, construction-and-rehabilitation loans, senior-housing loans, manufactured-housing loans and acquisition-and-permanent refinancing loans for apartment projects.

"Fannie Mae interest rates are probably the most competitive of any lending product," says Nostrand. The primary reason is that Fannie Mae uses like-term Treasuries as the index for its loans, unlike most banks which use the prime rate combined with a floor or minimum rate.