HomeStreet Capital named Burlingame-based Barry S. Slatt Mortgage Co. to represent HomeStreet's multifamily financing activity through Fannie Mae's Delegated Underwriting and Servicing product line in California and other West Coast markets.
"I would expect, conservatively, for them to place $25-40 million a year," says Hal Potter, HomeStreet¹s Pasadena-based correspondent lending manager. "We¹ve already got several deals working, and they average between $4 million and $6 million each."
Potter says the new partnership is working on an $8 million refi deal for a multifamily property in Palo Alto, but declined to release other details. "There¹s a lot of capital chasing deals right now," he notes. "People are reluctant to get off their ARM right now because the LIBOR rate is so low... there's no reason to give up that excess cash flow."
Barry S. Slatt Mortgage Co. is based near San Francisco International Airport with offices in Sacramento and Los Angeles. The firm, which has five originators working out of the Burlingame home office, was founded in 1971 as a commercial mortgage banking and life insurance correspondent company, specializing in fixed-rate financing for a variety of income-producing properties.
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