Freddie Mac Approves Sabal Capital Partners for Targeted Affordable Housing Express Offering

NEWPORT BEACH, Calif., June 26, 2018 (GLOBE NEWSWIRE) -- Sabal Capital Partners, LLC, a diversified financial services firm specializing in real estate, lending and banking, today announced its approval as a Seller/Servicer in Freddie Mac’s Targeted Affordable Housing (TAH) Express offering, providing small balance debt solutions for affordable rental housing properties in underserved areas. Through this program, Sabal will offer non-recourse mortgages of $10 million or less to eligible borrowers nationwide. The firm’s success as a Seller/Servicer under Freddie Mac’s Small Balance Loan (SBL) offering proved a primary factor in its selection for the new offering.

“As a leading small balance loan specialist, we are uniquely aware of the unmet demand for debt solutions in the affordable housing sector and of the positive impact this new program will have nationwide,” said Pat Jackson, CEO of Sabal Capital Partners. “We have a history of success with Freddie Mac’s Small Balance Loan program and our team looks forward to assisting in another highly important debt offering designed to ensure affordable housing is available to Americans in areas with great need.”

The Freddie Mac TAH Express program provides faster, simpler and cheaper financing for the preservation of smaller, affordable rental properties. The offering is available to stabilized properties with a loan amount of $10 million or less. In addition, properties must have at least one of the following affordable characteristics: tax abatement, Section 8 Vouchers or Housing Assistance Payments (HAP) Contract, Low-Income Housing Tax Credit (LIHTC) properties in at least year 11 of compliance period, and/or Regulatory Agreement that imposes rent/income restrictions. An extension of Freddie Mac’s Targeted Affordable Housing platform, borrowers under this program benefit from a condensed prescreen process, simplified legal documents, a standardized underwriting process and a “step-down” prepayment option to provide more flexibility in the prepayment of smaller loans.

“Targeted Affordable Housing Express is delivering the efficiency of our Small Balance Loan program, and Sabal’s exemplary performance, expertise and operational efficiency demonstrated with SBL makes them an obvious partner,” said David Leopold, Vice President Targeted Affordable Sales & Investments for Freddie Mac Multifamily. “We look forward to working with Sabal to enhance the good work done through SBL– to bring even more affordable units to renters across the country.”

The firm’s selection for the TAH Express offering follows a prolific first quarter, with Sabal closing nearly $300 million in small balance multifamily loans under the Freddie Mac SBL offering. The transactions encompassed 117 total loans for multifamily properties spread across the United States.

“Until now, an effective small balance debt solution for the affordable apartments housing segment has been lacking,” added Jackson. “As one of the most productive lenders in the marketplace, we’re intent on combining our expertise and understanding of the sector with our technology-enabled efficiencies and speed-to-close to benefit brokers, borrowers and Freddie Mac.”

Sabal’s participation in the Freddie Mac TAH Express Loan offering commences immediately, with initial loans funded in May 2018.

About Sabal Capital Partners
Headquartered in Newport Beach, Calif., Sabal Capital Partners, LLC and its lending subsidiaries and affiliates are focused in the small balance space and have originated nearly $3 billion nationally through its highly specialized wholesale lending platform. Sabal’s dedication to advancing the financial services industry has led to the development of SNAP™, an innovative platform designed for Sabal’s exclusive network of brokers and bank partners to enable increased revenue, exceptional borrower satisfaction and reduced effort navigating small balance loans, from origination to close. Sabal strives to keep clients and investors ahead of the curve and represents a corporate philosophy based upon the core practices of innovation, partnership, commitment to excellence and entrepreneurship. For more information, visit www.sabalcap.com.

About Freddie Mac                                                                                        
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.