Introducing Our New Multifamily Lending Division
We’re happy to announce that we have expanded our service offerings once again.
Multifamily properties represent an important part of the housing market, especially as cities become denser and land constrained. Grandpoint Bank and its divisions, Bank of Tucson, Regents Bank and The Biltmore Bank of Arizona, now has a multifamily lending division, managed by Senior Vice President Karen Kim.
According to Karen, 2016 is expected to be another good year for the multifamily sector due to favorable demographic trends and economic growth, based on the Multifamily Outlook study completed by Freddie Mac.
“Demographically, the strong multifamily market is further bolstered by Millennials and empty nesters, who are increasingly choosing multifamily over single-family residences in many cities,” Karen says.
Karen’s multifamily lending team is comprised of experts in multifamily lending who have previously worked at institutions that have produced a large volume of multifamily portfolios for the past two decades or more.
Multifamily property owners and investors can access three-, five- and on a very limited basis, seven-year hybrid loans from our bank, as well as a six-month ARM loans. Qualifying properties include five or more units in Class A or B buildings, with Class C-type properties considered on a deal-by-deal basis. As portfolio lenders — meaning most of these loans remain with our bank — we have more control over our products and pricing, which is a huge advantage.
We’re working with a network of seasoned mortgage brokers throughout the markets we serve to educate them about how Grandpoint Bank and its divisions can help their clients finance or refinance properties up to approximately $15 million in loan value. Karen and her team are currently cultivating additional mortgage broker relationships in Greater Los Angeles area, San Diego County, Ventura County, Orange County, Portland, Vancouver, WA, Greater Phoenix area and Tucson.
Please contact Karen to inquire about becoming an approved broker with Grandpoint Bank. You can also ask her to connect you to an approved broker already working with Grandpoint Bank.
Karen H. Kim, SVP, Multi-Family Lending Manager firstname.lastname@example.org or (213) 542-2727.