Sabal Capital becomes conventional mortgage lender Freddie Mac Optigo
Freddie mac Approved Capital of Sabal as an Optigo conventional mortgage lender. The new designation will allow Sabal to expand into the average multi-family market with agency product for loans of $ 10 million to $ 25 million, where they see strong demand.
“A lot of people avoid the $ 10 million and $ 20 million deals because they require a lot of process. We have a very strong relationship with Freddie already in the SBL program, which goes up to $ 7.5 million, ”Pat Jackson, founder and CEO of Sabal Capital Partners, told GlobeSt.com. “The idea here is to meet the need for an agency product that is worth over $ 7.5 million, and I see billions of dollars of opportunity. It’s a demand we’re already seeing from. our customers, so it’s a natural fit for what our customers already need.
Sabal Capital was granted the designation in July and the company has since developed the infrastructure to build the platform. “We haven’t announced it until now because we wanted to make sure we had everything in place to be fully operational. It’s one thing to have the approval and another to be really prepared for it, ”says Jackson. “We have all the infrastructure and processes in place that will uniquely require us to be successful for our clients around this program. This means that we have dedicated and fully trained underwriters in place. We have all the capabilities to meet the needs of customers. “
Freddie Mac does not consistently issue these licenses, and this is the first in 14 years. Sabal already has a strong relationship with Freddie Mac as an approved lender for low-value loans. “This is the first permit issued in 14 years, so it’s not something that happens regularly,” says Jackson. “We think we’ve won this because of the success we’ve already had with Fannie and Freddie through our SBL program. We continue to expand into middle markets, and we think it’s a really underserved space. “
Although Sabal is not announcing its specific goals for this new program, it is looking to meet market demand. “We want to hit a sweet spot for the under $ 25 million, which we’ll call the middle market,” Jackson said. “This is where we want to be really meaningful. “