CHICAGO – Global real estate services firm Cushman & Wakefield will launch a new program and software on Jan. 1 to streamline Small Balance Loan (SBL) appraisal reports, cutting the wait times in half and simplifying the process for lenders and their customers.
In response to Freddie Mac’s new guidelines for SBL loans, the firm will begin offering lenders a Freddie Mac approved appraisal product that provides simplified and shorter appraisal reports within 1-2 weeks for multifamily building loans – and offering them at a competitive price.
Meghan Czechowski, a senior director with Cushman & Wakefield’s Valuation & Advisory Multifamily Practice Leadership, said the new program will be especially appealing to the Freddie Mac SBL Seller/Servicers, Fannie Mae DUS Small Loan lenders, and select community banks that can accept a simplified appraisal report. C&W’s new program leverages the firm’s investment in technology and their appraiser’s local market expertise to efficiently service approved lenders that originate and sell multifamily loans up to $7.5 million and with at least five apartment units.
“For the lenders, this program saves both time and money without sacrificing quality. It’s quick, efficient and a game changer in this industry,” Czechowski said. “It will set the bar for these types of appraisal documents -- now and into the future.”
Eric Lewis, president of Cushman & Wakefield’s Valuation & Advisory platform for the Americas, lauded the program and said he’s confident SBL lenders and customers will quickly reap the benefits.
“This is the product of countless hours of work from our professionals, and we’re especially excited to kick off 2019 by launching this important program,” Lewis said.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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