FHA lenders are thriving as banks flee the commercial market, Greystone CEO says
December 22, 2009 01:56PM
Lenders approved by the Federal Housing Administration are “doing extremely well right now,” said Stephen Rosenberg, CEO of commercial lender Greystone. Greystone is involved with several New York properties, including 180 East 93rd Street, an eco-friendly condominium on the Upper East Side built by the company’s development arm, and the Bronx’s Bay Park Center for Nursing and Rehabilitation. Greystone provided $32.6 million to refinance the property in June. Rosenberg told CNBC‘s “Squawk Box” that contrary to a few years ago, when as a Fannie Mae and FHA lender Greystone could scarcely compete with the market, the company now has seen its volume increase dramatically and is looking to hire staff. “We are getting, really, almost inundated with calls from banks — large and small — to purchase their multi-family commercial loan portfolios. Fortunately we are in a position where we are able to purchase because besides being an FHA lender, we are also one of the leading Fannie Mae lenders,” Rosenberg said.