The distance from Earth to Mars is approximately 141 million miles. For many inexperienced borrowers and mortgage bankers, making the transition from bank multifamily lending to agency multifamily lending can feel like traveling to another planet. That is according to Mark Besharaty, director of Hunt Mortgage Group. In the exclusive commentary below, he says that although there are quite a number of underlying similarities between these two types of loan executions, the stark differences surprise even experienced industry veterans.
The views expressed in the guest column below are Besharaty's own.
It may be helpful to review some basic definitions before we start on our interstellar exploration journey of multifamily finance. Agency Lending refers to Government-Sponsored Enterprises such as Fannie Mae, Freddie Mac, and the Federal Housing Authority. For the purposes of this article, we will be focusing on the two most active multifamily agencies – namely Freddie Mac and Fannie Mae. We will further confine our analysis to loans ranging from $1 million to $10 million since these loan amounts constitute the greatest number of multifamily financing transactions nationwide.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
