HSBC uses rate lock for interest-only co-op loan.HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , N.A. the newest entrant en·trant n. One that enters, especially one that enters a competition. [French, from present participle of entrer, to enter, from Old French; see enter. to Fannie Mae's DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) [TM] program, recently provided a 20-year interest-only $30 million co-op loan to the owners of a property on East 72nd St. in Manhattan, NY. The owners were able to use Fannie Mae's Early Rate Lock, to get a 6.065% coupon in a rising rate environment. The loan proceeds were used to pay off a pre-existing HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) loan and also used to fund some planned capital improvements for the 34-story, 459-unit building. In a separate transaction, HSBC, an established Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. Program Plus Lender, delivered a $6.5MM 5-year Freddie Mac loan to refinance an apartment complex on Edgecombe Avenue. The loan proceeds were used to pay off pre-existing first and second mortgage loans from HSBC, and to also fund some capital improvements. The subject is a 15-story 128-unit apartment in the Washington Heights area of Manhattan. HSBC also provided a $9.6MM loan for acquisition and improvements to the 228-units of Vantage Point apartments in Little Rock, AK. The borrower was able to lock in a 6.325% rate on a 5-year Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS loan with 3.5 years of yield maintenance. HSBC's ability to provide a flexible structure under an aggressive time frame was key to meeting the borrower's needs. "HSBC's established expertise in commercial real estate blended with the success of the Fannie Mae and Freddie Mac programs, helps ensure top customer service and one-stop-shopping for our growing client base," said Gavin Wellington, senior vice president and head of secondary marketing. |
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