BETHESDA, Md., Oct. 11, 2016 /PRNewswire/ -- Walker &
Dunlop, Inc. (NYSE: WD) (the "Company") announced today that it has
funded $1 billion in total on-balance
sheet loan originations and preferred equity investments since the
Company began lending using its balance sheet in 2012. Over the
past four years, the Company has provided bridge loans through its
interim loan program (ILP) and preferred equity investments to 61
multifamily properties across the United
States, including student and seniors housing transactions.
Clients seeking to acquire and/or reposition properties that
do not currently qualify for permanent financing through Fannie
Mae, Freddie Mac or HUD have been primary customers of the
Company's on-balance sheet lending operations. Walker &
Dunlop has placed permanent financing on over 80
percent of the ILP loans that have repaid to date. As of
September 30, 2016, the balance of
the interim loan portfolio was $265
million, and the balance of the preferred equity
investments was $15.5 million.
Executive Vice President, Jeff Goodman, commented, "Lending our
own capital has been a massive success for Walker & Dunlop.
First, it provides a product our clients need. Second, it feeds
business into our core, long-term first-trust lending business.
Third, it has generated wonderful returns for Walker &
Dunlop. And finally, it has had a perfect credit track
record." Goodman continued, "Walker & Dunlop is
currently focused on building an asset management
business which will allow the Company to move our interim
lending and preferred equity investment operations off-balance
sheet to continue expanding its capital
offerings and origination capabilities."
The financing of Amber Gardens, located in Tempe, Arizona, is the most recent transaction
closed through the ILP. Walker & Dunlop provided a $13.6 million bridge loan to a long-term client
of the Company to complete the acquisition and planned renovation
of a Class B multifamily property that will cater to young, working
professionals. The 18-month, interest-only bridge loan provides the
sponsor with time to complete interior and exterior renovations
necessary to reposition the property.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest
commercial real estate finance companies in the United States providing financing and
investment sales to owners of multifamily and commercial
properties. Walker & Dunlop, which is included in the S&P
SmallCap 600 Index, has over 500 professionals in 24 offices across
the nation with an unyielding commitment to client
satisfaction.
Forward Looking Statements
The statements regarding the anticipated benefits of building an
asset management platform contained in this press release
constitute forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements
reflect our current views about future events and are subject to
numerous known and unknown risks, uncertainties, assumptions and
changes in circumstances that may cause actual results to differ
significantly from those expressed or contemplated in any
forward-looking statement. While forward-looking statements reflect
our good faith projections, assumptions and expectations, they are
not guarantees of future results. Furthermore, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data or methods, future events or other changes,
except as required by applicable law. Factors that could cause our
results to differ materially include, but are not limited to a
decline in general economic conditions and multifamily and
commercial real estate market conditions that result in decreased
interim loan origination volumes. For a further discussion of this
and other factors that could cause future results to differ
materially from those expressed or contemplated in any
forward-looking statements, see the section titled ''Risk Factors"
in our most recent Annual Report on Form 10-K and in our subsequent
SEC filings. Such filings are available publicly on our Investor
Relations web page at www.walkerdunlop.com.
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SOURCE Walker & Dunlop, Inc.