WEST CHESTER AND PHILADELPHIA, PA—Hunt Mortgage Group has financed two properties in eastern Pennsylvania through its Small Balance Loan program. The total investment of $7.8 million was provided to the same borrower, a multifamily owner based in Philadelphia that Hunt declined to name.
"The small loan program was one that Freddie Mac did not have, it's really kind of a shared risk program," Bryan Cullen, managing director with Hunt Mortgage Group tells GlobeSt.com exclusively. "There are a limited number of participants because we actually hold the B piece. It puts some skin in the game for us, it allows us to price those things a lot lower, they're not capped by the FHFA limits, and the processing is much more streamlined. We're able to do deals quicker, with less paperwork and provide lower rates."
The two properties financed in Eastern Pennsylvania fall into what Cullen says are "top markets," although Philadelphia has since lost that designation.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
