has announced that it was approved as the first Freddie Mac Seller/Servicer to obtain the National Single Family Rental Designation by Freddie Mac Multifamily. This approval permits Berkadia to sell and service loans secured by single family rental properties nationwide to Freddie Mac.
“The entrance of Freddie Mac into the single-family rental space is an exciting development for both borrowers and tenants,” said Berkadia Managing Director Anthony Cinquini, who is leading Berkadia’s entrance into the space. “As the sector grows and becomes more standardized, Berkadia will employ industry best practices during the life of the loan in terms of asset quality and conditions. We’ll utilize our deep multifamily knowledge to ensure the quality of the home meets acceptable standards set by Freddie Mac. Ultimately, this should benefit the affordable community by increasing the rehabilitation of ‘low value’ homes by experienced borrowers that are incentivized to maintain the asset quality.”
In 2016, Berkadia’s loan origination volume was $20 billion, ranking first with U.S. Department of Housing and Urban Development, second with Freddie Mac and fourth with Fannie Mae in delivered loan volume.
David D. Leopold, Vice President of Targeted Affordable Sales & Investments at Freddie Mac Multifamily, said, “Freddie Mac’s single-family rental pilot is designed to enhance our efforts to bring liquidity, stability and affordability to the rental market, and Berkadia will be an important partner in that work. We are delighted to be working with Berkadia in this new capacity and look forward to expanding affordable housing options for low-income and working families.”