MCLEAN, Va. (1/15/16)--Freddie Mac led the nation last year in lending for multifamily properties, the entity announced this week.
In 2015, Freddie Mac racked up $47.3 billion in loan purchase and bond guarantee volume for its multifamily business, up from $28.3 billion the prior year.
“Our financing is in every corner of the multifamily market and more diverse than ever, reaching into small-balance loans, manufactured housing communities, seniors, student and government subsidized properties,” said David Brickman, Freddie Mac multifamily executive vice president. “We are focused on increasing the availability of mortgage capital, especially to the affordable and workforce housing sectors where demand continues to far outstrip supply.”
Roughly $17 billion of Freddie Mac’s total business volume in this area was not subject to the Federal Housing Finance Agency’s $30 billion cap on loan purchases. Loans ranged from $1 million to several billions, and roughly 90% of all loans supported rental units for low- and moderate-income households, Freddie Mac said.
Meanwhile, the entity’s multifamily division appears poised for even more growth in 2016.
“We had very strong growth in our loan purchase business in 2015, and expect our volumes this year to align with the market’s overall growth,” Brickman said.