Greystone Servicing announces multifamily loan product.

Greystone Servicing Corporation, Warrenton, Virginia, announced it has launched its GreyStoneExpress Multifamily loan product.

Greystone--an authorized Federal Housing Administration (FHA) and Fannie Mae Delegated Underwriting and Servicing (DUS[R]) lender--said GreyStoneExpress was created to serve a strong and growing demand in the multifamily marketplace for loans ranging from $400,000 to $2.4 million.

"There was a clear need for a product featuring higher proceeds, lower transaction costs and a faster close time while being able to accommodate more qualifying properties than previously existing multifamily loans," said Billy Posey, chief executive officer of Fannie Mae DUS production at Greystone Servicing Corporation. "The new Grey Stone Express product was developed on the back of significant demand from the mortgage banking and real estate development communities, and we've seen an extremely encouraging response in the very short time this product has been available from these two groups," he adds.

Multifamily rental properties containing five or more units are eligible collateral for the $400,000 to $2.4 million loan, with balloon loan terms of 10 years on 30-year amortization periods with an average closing time of 40 to 50 days, explained Posey.