All Forum Posts by: John Brady

Bruce,

I work for CBRE, we did the most small balance Freddie Mac loans in 2017 out of any lender and can help you with any questions you may have. Even though the broker will eventually go to CB, Arbor, etc., it is really up to the direct lender on how the process goes as they are the ones that will do the actual underwriting and who you will be in contact with most. Also, while I agree there are positives of using a broker, your rate/closing costs will always be higher since there is a middle man so it never hurts to get a quote from a direct lender. Typical closing costs, at least for us are about $6k for the 3rd parties and around $4k for legal. 

Also, it depends on the location of the property, but we are quoting SBL properties around a 4.7% interest rate. If your rate is above 5%, you are really getting taken advantage of. 

Hello Aaron,

I work for CBRE, a direct Freddie Mac/Fannie Mae lender, and can answer any questions you have. Yes, it is non recourse and the only way they can go after you is if you commit fraud or lied on any of the forms you fill out during the underwriting process. It's basically anything you would go to jail for/get a severe penalty. As long as you are honest with everything, it is truly non recourse. 

Freddie Mac will do less than $1 million with an exception and can offer pretty competitive rates. There is a bps adder for under $1 million and they they have a hard floor of $750,000