Financial Federal Provides $88.9M Refinance
Published on: October 17, 2010
Sarah Baker, Memphis Daily News
Financial Federal Bank recently provided $88,850,000 in a non-recourse, permanent debt on four properties located throughout the Southeast as a Freddie Mac Program Plus Seller/Servicer.
The four loans are cross-collateralized and carry a fixed interest rate of 4.43 percent for 10 years with a 30-year amortization. The package was underwritten to a 75 percent loan-to-value ratio.
Jon Van Hoozer and Steve Curnette, both senior vice presidents of Financial Federal, obtained the financing through their Freddie Mac platform. One of the most impressive aspects of this transaction was the speed in which it closed, Van Hoozer said.
With various parties involved such as attorneys, vendors and surveyors, one loan closing usually takes about 60 days. This pool of properties, however, took 36 days to close.
“It was a total team effort from everybody; there are so many variables involved in any transactions,” Van Hoozer said. “Everybody was motivated to get this closed on time; everybody worked weekends, everybody worked very late hours to leave a customer very satisfied.”
Freddie Mac’s headquarters is in McLean, Va., and has about 20 designated approved originators nationwide.