BETHESDA, Md., Feb. 6, 2017 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) closed $1.4 billion of loans in 2016 through environmental rewards programs sponsored by the Agencies: Fannie Mae, Freddie Mac, and the U.S. Department of Housing and Urban Development (HUD). These loans qualified for lower pricing and cost savings through a variety of Green initiatives that encourage borrowers to meet specific sustainability guidelines.
Executive Vice President and Multifamily Chief Production Officer, Don King, stated, "The Green rewards programs that the Agencies now have in place underscore their focus on supporting environmentally-friendly properties. Walker & Dunlop has been at the forefront of these initiatives, and as a result, our borrowers have seen significant financial benefits while making positive impacts on their communities."
Fannie Mae's Multifamily Green Rewards product offers lower pricing, up to 5% additional loan proceeds, and a free Energy and Water Audit Report. There is no required minimum investment per unit, but borrowers must commit to installing capital improvements that target a 20% or more reduction in the property's annual energy or water use.
The Freddie Mac Multifamily Green AdvantageSM program provides a variety of options for borrowers to qualify for better pricing and additional loan proceeds. Properties must undergo a Green AssessmentSM which identifies ways that property improvements can save energy or water. The borrower is reimbursed for up to $3,500 of the cost of the report if the loan is financed through Freddie Mac and can obtain better pricing and higher proceeds if they choose to make improvements suggested in the assessment.
HUD has significantly reduced the Mortgage Insurance Premium (MIP) for properties that achieve an industry-recognized standard for Green building. Lender fees are capped on loans that qualify for the Green/Energy Efficient Housing reduced MIP. HUD also sponsors various programs that support sustainability improvements that save money for both property owners and tenants.
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 over 25 offices across the nation with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.