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Early-Rate Lock Program Lands Investor $160M

LOS ANGELES—A private investor secures $160 million to refinance an eight-property apartment portfolio, securing the funds with aggressive pricing and rates through Fannie Mae, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on June 10, 2015

LOS ANGELES—A private investor has secured $160 million in financing through Fannie Mae Choice Refinance for an eight-property multifamily portfolio. The funds were secured through Fannie Mae’s rate lock program at aggressive pricing that isn’t available today. All eight loans have a ten-year term with 30-year amortization.

“Fannie Mae was the existing lender and was very familiar with the sponsor and the properties,” Richard Olrich, managing director at Hunt Mortgage Group, tells GlobeSt.com about why the borrower went Fannie Mae for the financing. “At the time of the refinance, interest rates were near a historical low and the borrower was concerned that rates would soon begin to escalate.” Olrich secured the funds on behalf of the borrower, along with his Hunt Mortgage Group colleagues Adam Leiden, Krage Olrich and Matt Olrich.

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