Guest Speaker at AOD Advises on Financing Alternatives 

Multifamily financing expert Glenn D. Housman, MAI, Senior Vice President, CBRE Capital Markets, Orlando, Fla., was the guest speaker for NAA’s Independent Rental Owner Committee’s meeting during the Assembly of Delegates (AOD) in November in Atlanta.

Housman presented “Multifamily Financing Alternatives,” where he compared the underwriting and financing terms for Freddie Mac, Fannie Mae, Federal Housing Administration (FHA), conduits and banks.

The 60-minute session included points to consider when hiring a lender:

• Are larger lenders more capable than smaller lenders?
• Avoid a mortgage generalist—choose a producer who specializes in apartments. For the government-sponsored enterprises (GSEs) choose only a GSE specialist. For the FHA, choose only a FHA specialist.
• A high degree of producer pro-activity from pre-quote to closing is the key to ensuring the application is delivered without a haircut.
• The reported operating history is the most significant factor in obtaining
a quote. Work with your producer to make sure it is properly codified for underwriting before being sent in for a hard quote.

Housman also advised the group of more than 100 attendees on what to ask potential lenders and also took questions from owners in the crowd.

“Glenn made a number of important points that will save borrowers money,” said NAA IROC Chairman Frank Barefield, President, Abbey Residential, Birmingham, Ala., “but one of the most important was to select a representative that is ‘hands on’ and who will supervise your loan request personally, including dealing directly with third-party reports, performing an analysis of property financials to ensure they are represented properly and presenting your loan request to the lender.”

The event’s Principal Sponsors were Call Source and Rent.com and its
Event Sponsors were AMS Billing Services, AZUMA Leasing, Home Depot, RealPage and NCC Business Services.

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