November 18, 2024 3:13 pm
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Freddie now into small apartment mortgages

apt. .oansBy Sarah Mulholland | Mortgage News Daily

Freddie Mac is building a business to originate small apartment loans, between $1 million and $5 million, as part of its mandate to support affordable housing.

The average loan will be about $2.5 million, the McLean, Virginia-based company said today in a statement. The mortgage giant plans to originate as much as $1 billion of such debt in 2015, according to David Brickman, the head of multifamily operations at Freddie Mac. (FMCC)

The initiative follows Freddie Mac’s move into financing manufactured-housing communities earlier this year as it broadens its reach in the apartment segment to provide affordable options for low-income families.

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