The designation means that Mutual of Omaha Bank may be eligible to partner with Fannie Mae on new loans originated by Mutual of Omaha Bank for existing multifamily acquisitions along with new multifamily development and construction projects.
As a bank partner for the Federal National Mortgage Association’s AD&C program, a secondary market program in which Fannie Mae buys participation interests in construction loans originated by its lending partners, Mutual of Omaha Bank is evaluating opportunities to finance projects in major metropolitan markets nationwide in the multifamily, student housing and senior housing sectors.
For multifamily loans, the bank is considering market rate and affordable housing projects. For student housing loans, the bank is evaluating projects at full-time undergraduate institutions with more than 20,000 students.
Dwayne Sieck, SVP and director of real estate lending at Mutual of Omaha Bank, said: “We’re proud to be approved as a bank partner for Fannie Mae’s AD&C program. We’ve already closed our first AD&C loan and look forward to partnering with Fannie Mae to provide capital for other high quality multifamily projects nationwide.”
Mutual of Omaha Bank, a subsidiary of Mutual of Omaha, is a full-service bank providing financial solutions to individuals and businesses in communities across the US. With more than $4bn in assets, the bank operates a network of full-service community banks in Arizona, California, Colorado, Florida, Nebraska, Nevada and Texas, and has loan production offices in Iowa and Kansas.
