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Summer months have brought swells and warm currents, and even several sightings of white sharks in Pacific waters, but for GERSON LAW FIRM APC it has been a high wave of loan closings for multifamily projects.
Following a fast pace rise in Fannie Mae and Freddie Mac loan closings in the first two quarters of 2011, GERSON LAW FIRM, has supported its lenders on a torrid pace throughout the summer months. GERSON LAW FIRM assisted its lender clients closing Fannie Mae and Freddie Mac apartment loans on a volume that in August alone was more than $75,000,000. Fannie Mae and Freddie Mac loans closed by GERSON LAW FIRM were throughout the western United States. During the same period GERSON LAW FIRM was involved in closing bridge loans for “turn around” apartments properties in other regions of the country.
“The trend is upwards by all accounts,” said Gordon L. Gerson, managing principal of GERSON LAW FIRM. “From a national perspective, Freddie Mac announced last week that even higher volumes would be seen in months ahead, and from a local standpoint we have reports that construction permits are up for apartment projects.”
Fannie Mae apartment loans and Freddie Mac apartment loans are made by a small number of lenders throughout the United States who have licensing or contractual relationships with the GSE lenders.Real estate industry media also reports an increasing number of insurance companies entering or increasing volume in apartment lending in recent months. Reportedly, the fall out of the housing crisis is that there is a growing need for apartments in America, although Gerson notes that the need for growth in the apartment sector over the next ten to twenty years existed before the crisis in single family residential lending.
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