Walker & Dunlop, Inc. announced today the appointment of Larry Wilemon as Vice President and Chris Montes as Deputy Chief Underwriter. Based out of Los Angeles, Wilemon and Montes join Senior Vice President and Chief Production Officer Mark Besharaty in leading Walker & Dunlop’s new multifamily small loans initiative, which provides sustainable and affordable financing solutions for smaller properties.
The multifamily small loans market is growing rapidly, with GSE volume rising 57.8 percent from 2016 to 2017, representing $10.1 billion in transactions for Fannie Mae and Freddie Mac. These loans are typically $1.5-3 million nationwide, or $6 million or less in higher-cost markets. Through this initiative, Walker & Dunlop will meet the financing needs of property owners across the nation.
“As we discover new ways to help provide more affordable options for renters, we are continuing to bring innovators like Larry and Chris into the Walker & Dunlop family,” said Mr. Besharaty. “With over 30 years of combined experience, Larry and Chris are key players in the multifamily small loan space, and we are thrilled to have them join our team.”
In addition to serving Walker & Dunlop’s existing client base, this product offering represents an excellent option for regional banks and mortgage brokers. Through its Fannie Mae Multifamily Small Loan license, the new team allows such partners to access financing solutions with terms that meet their clients’ specialized needs, including:
- Non-recourse loans
- Fixed or floating rates
- Longer-term (15-, 20- and 30-year) loans
- Lower closing costs than traditional agency financing
- Ability to lend in secondary and tertiary markets
Prior to joining Walker & Dunlop, Mr. Wilemon was a vice president in the Small Balance Commercial Real Estate Lending Group at Hunt Mortgage Group, where he managed a diverse set of portfolios and was responsible for the origination of small balance loans for properties in all 50 states. Throughout his time in the commercial real estate finance industry, Mr. Wilemon has gained extensive experience sourcing loans through Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development (HUD).
Mr. Montes joins Walker & Dunlop from Arbor Realty Trust where he was a deputy chief underwriter, managing a national team of underwriters and analysts and overseeing all contract underwriting relationships focused on Fannie Mae’s Multifamily Small Loan and Freddie Mac’s Small Balance Loan products. Previously, Mr. Montes was an underwriter at Berkeley Point Capital and Arbor Commercial Mortgage.
Walker & Dunlop, a leader in the multifamily lending space, ranked as the #1 Fannie Mae DUS® Lender in 2017 and processed over $1.5 billion in small balance loans since 2016. To learn more about our financing capabilities, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.