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Freddie Mac Beats Out Banks

LOS ANGELES—The Fast Track Early Rate-Lock program gives Freddie Mac an advantage over banks because it can lock an interest rate for an extended period of time, GlobeSt.com reports in this UPDATE to a previous story.

By Kelsi Maree Borland | Updated on September 17, 2014

LOS ANGELES—Freddie Mac‘s Fast Track Early Rate-Lock program has an advantage over banks because it can lock in a rate for a longer period of time, according to Allan Freedman, SVP with Berkadia Commercial Mortgage. In an earlier story, GlobeSt.com reported that Freedman helped to secure $79.5 million in financing through the program to refinance a nine-property multifamily portfolio in Los Angeles.

“The Fast Track program was an ideal fit for the client’s needs, as it streamlined the process, minimized documentation requirements and allowed them to quickly secure financing given interest rate volatility,” Freedman tells GlobeSt.com. The Fast Track program allows borrowers to lock in the rate and the loan amount quickly after application. In this specific case, Freedman was able to lock in the rate only a few days after signing the application.

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