CPC joins Freddie Mac's Small Balance Loan program

The Community Preservation Corp., Inc. (CPC) has been approved as one of six lenders to participate in Freddie Mac's Small Balance Loan program. Under this new program, CPC will work with Freddie Mac to meet the financing needs of small multifamily properties throughout NYS and the region by providing long-term capital to this underserved segment of the multifamily market. "For over 40 years, CPC's primary niche has been to provide consistent and flexible capital to meet the financing needs of small multifamily buildings. By participating in Freddie Mac's Small Balance Loan program, we now have a wider range of permanent loan products to better serve our customers with loans ranging from $1 million to $5 million and low interest rates," said Rafael Cestero, president and CEO, CPC. "CPC has a longstanding working relationship with Freddie Mac and we look forward to furthering our partnership at a time when providing capital to small rental buildings is more critical than ever." "Partnering with a widely-respected small loan lender like CPC will help to bring private capital investment to the small multifamily loan space," said David Brickman, executive vice president, Freddie Mac Multifamily. "We will rely on CPC for its local expertise and 40-year experience to connect with small building owners on the ground to meet the increasing capital needs of smaller apartment communities which house a large portion of the nation's renters." The Small Balance Loan program will offer mortgages ranging from $1 million to $5 million with flexible prepayment options to support the acquisition or refinancing of multifamily buildings with five units or more. CPC will streamline the pricing, underwriting, closing, and funding process to ensure a smooth acquisition or refinancing for small rental developments. To learn more about Freddie Mac's Small Balance Loan product, please visit http://www.communityp.com/products/small-balance-loan.