Southeast Multifamily Portfolio Refinance

Timely Execution and Proactive Collaboration Meet Tight Deadline

In multifamily lending, every deal, client, circumstance, and need is unique. That can make for a dynamic and occasionally challenging lending environment. Every challenge also presents an opportunity for the Walker & Dunlop team to come together and do what we do best—anticipate our client’s needs and leverage our firmwide resources to get the deal done under tight timelines.

A recent transaction highlights this approach.

The Challenge

Our team fielded an opportunity to work with a repeat borrower on a $36MM refinance of an eight property multi-family portfolio across three states and four markets in the Southeast. We were competing directly with several very competitive bank and life company quotes and had a tight timeframe to close the loan before year end.

The Solution

With the help of Jim Hoggatt from our Capital Markets team, Matt Baldwin from our Small Balance Lending team, and Amy Blackman and Bruce Daubner from the Apprise team, we ran a number of scenarios to anticipate our borrower’s needs and present the most competitive loan terms to best meet their business plan.   

After being awarded the deal, we leveraged Walker & Dunlop’s scale and resources to underwrite and close the loans in less than six weeks between Thanksgiving and Christmas. With an all-hands-on deck approach, we completed the underwriting, site visits, insurance review, and legal analysis in record time. By engaging all the internal and external teams early in the process, we were able to deliver eight loan commitments in what is typically one of the busiest and most hectic times of the year to close a loan. 

The Result

Our collaborative approach allowed us to deliver superior loan terms to the borrower and meet their requirement of closing before year end. By moving through the underwriting process quickly, we put ourselves in an ideal position to take advantage of movement in the Treasury markets. We were able to issue loan commitments and rate lock at an opportune time, lowering the interest rate by 93 basis points and increasing proceeds by more than $1M over the original loan application. 

• Loan Type: Refinance
• Loan Amount: $36,662,000
• Capital Source: Fannie Mae
• Loan Term: 10 Years
• Payments: Interest only for the entire 10-year term of the loan
• Interest Rate: 5.39%, fixed for the term of the loan

Are You Interested In Working With Us?

If you are a multifamily owner or investor and have a borrowing need, we can’t wait to work with you. Contact our Small Balance Lending team to discuss your unique needs. Need an appraisal? Contact our Apprise team today.