Many of our clients are surprised to learn that despite the news on Wall Street about the troubles in the financial markets, banks are still lending on quality apartment buildings!
Little known fact: - Marcus & Millichap has an in-house financing department called Capital Corporation. We loan our own internal funds (as a mortgage banker) and also shop lenders nationwide and make loans across the country (functioning as a mortgage broker).
I talked to Glenn Gioseffi, whose office is adjacent to mine here in our downtown Seattle office. He's the Director of capital markets in Seattle and he told me that for the right property (high quality apartment buildings) there are still good loan programs available.
- After WAMU's collapse, they are directing many of their loan business to us, and we get it funded.
- We often get interest rates well below what Fannie Mae and Freddie Mac offer.
- We go the extra mile. Glen has shopped over 20-30 lenders for many of our clients to make sure we find them a great loan to meet their needs.
Here at Marcus & Millichap and our Capital Corporation lending department, business has not stalled, stopped, or gone quiet.
If you anticipate needing financing in the near future for a purchase or refinance, make sure you give us a call to find out what we can do.
Call Glenn Gioseffi - 206-826-5700 Ext 5733 - and tell him Emily sent you!
P.S. If you're thinking about selling, this is great news - your potential buyers can still get financed!
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