Centerline Capital Group Launches Fast Track Cooperative ERL Program
— New Freddie Mac facility targets New York City —
New York, NY — April 4, 2013— Centerline Capital Group, a provider of real estate mortgage services for affordable and conventional multifamily housing, announced today it has launched a Fast Track Cooperative ERL (early rate-lock) program.
“We are launching this new Freddie Mac facility for 10-year cooperative loans in the five boroughs of New York,” explained Steven Cox, Managing Director, at Centerline. “The new Freddie Mac structure benefits borrowers by providing them a rate lock within 48 hours. Many cooperative buildings are faced with massive capital expenditures – repointing brickwork, replacing elevator banks, extensive plumbing repairs. To avoid resident assessments or drastic maintenance increases, buildings are increasingly looking to take on, or refinance, their existing underlying mortgage. With interest rates so low, this is a prudent step.”
The Fast Track Cooperative ERL program is available to New York City cooperative apartment buildings. Here’s how the program works:
» Very aggressive 10 year interest rates, amortizing over 30 years
» Full term interest only available
» Reduction in underwriting costs / fees
» Rate lock good faith deposit lowered from 2% to 1%
» 48-hour rate lock for ERL
“We are pleased to bring this new and innovative financing option to the New York City market,” added Cox. “We are experts in the multifamily sector with a 40 year history. We have done a tremendous amount of work in New York City over the years and are experienced at working with New York City cooperatives, their boards and their managing agents.”
The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider, bridge and CMBS lender, and source for other forms of alternative capital.
About Centerline Capital Group
Centerline Capital Group, a real estate finance company, provides financing and investing for conventional and affordable multifamily housing throughout the United States. Centerline is organized around two business units: Mortgage Banking and Affordable Housing Debt. Under the Mortgage Banking and Affordable Housing Debt businesses, Centerline partners with developers, owners, and investors to provide them with capital to develop, acquire or redevelop their real estate assets. Centerline’s core debt products consist of Fannie Mae, Freddie Mac, or HUD/FHA financing. In addition, through several strategic alliances, Centerline offers various CMBS executions for multifamily and other commercial properties, bridge loans and select joint venture equity products. Today, the firm’s lending platform manages and services more than $10.4 billion in loans, of which affordable housing makes up $916 million. Founded in 1972, Centerline is headquartered in New York City, with 159 employees in 13 locations throughout the United States. To learn more about Centerline, visit www.centerline.com.