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New products announced by Washington Mortgage.

Washington Mortgage Financial Group (WMF) has a new line of mortgage products for the multi-family market known as "Common Sense" loans, according to Gary Kokalari, vice president and Manager of WMF's northeast region.

With this new program, WMF will provide over $300 million in funds for properties in market segments much wider than those currently served through agency programs and conventional lenders.

The Common Sense loan program will offer fixed-rate and variable rate financing for apartment properties and co-ops in major cities and secondary markets throughout the United States. Loans have been targeted at the $1 million and up market, although loans as small as $500,000 will be made for exceptional properties in select markets.

WMF says they are funding a broader variety of properties than traditional sources have considered. For example, older properties as well as newer properties will be funded. WMF will not restrict property types to garden or high rise, but rather look to the local market for acceptable standards.

"If the property is a walk-up in Manhattan and can maintain a competitive position, why not consider the loans?" commented Kokalari. "We are not looking for sub-par performers. But local conditions define quality as much as anything else. If the property is well-maintained, shows strong cash flow and the owner has demonstrated a commitment to the property, it should meet our underwriting. This is what we call common sense." Kokalari added.

This new source of funds is available for refinancing and acquisition of existing properties. Also being considered are underlying co-op mortgages. Some of the new underwriting guidelines which will make loans available to a much wider market include: loans under $5 million; occupancy as low as 85 percent; attractive terms.
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Title Annotation:Washington Mortgage Financial Group Ltd.
Publication:Real Estate Weekly
Date:Aug 12, 1992
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