Magna joins Freddie Mac lending program

Memphis-based Magna Bank will join a select list of multifamily lenders for a Freddie Mac initiative.

Freddie Mac’s Small Balance Loan program chose nine lenders across the United States to help finance multifamily properties for loans valued at $1-$5 million on properties with five to 50 units.

The purpose of the Small Balance Loan is to provide funds for the acquisition or refinancing of multifamily properties, thus promoting “liquidity, stability and certainty of execution to the affordable rental housing market nationwide.”

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