By 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.
