REAL ESTATE TECHNOLOGY, MORTGAGE AND LENDING
Businesswire | May 09, 2023
Newrez LLC (“Newrez”), a national mortgage lending and servicing organization, announced today that it will offer Freddie Mac BorrowSmart AccessSM, a mortgage program designed to assist first-time homebuyers by helping subsidize their closing costs and unlocking the dream of homeownership.
"We're thrilled to work with Freddie Mac to bring BorrowSmart Access to market," said Baron Silverstein, President of Newrez. "Our mission is to expand access to mortgage credit and advance economic opportunities for minorities and low- to moderate- income communities. With BorrowSmart Access, we're delivering on that mission by providing ways to reduce cost in the homebuying process.”
BorrowSmart Access is also available through our major lending branch Caliber Home Loans, part of the Newrez Family of Companies.
Freddie Mac BorrowSmart Access
First-time home buyers will receive $3,000+ in closing cost assistance if they meet the following qualifications:
3% minimum down payment (credit may cover part or all of this)
Complete one-on-one homeownership counseling
Borrower qualifying income must be less than or equal to 140% of the median income in the area
Best of all, borrowers can utilize additional sources of funds from gifts, family, and other approved down payment assistance programs to gain even more purchasing power.
BorrowSmart Access is available in ten metropolitan statistical areas across the United States, including:
Atlanta-Sandy Springs-Alpharetta, Georgia
Chicago-Naperville-Elgin, Illinois-Indiana-Wisconsin
Detroit-Warren-Dearborn, Michigan
El Paso, Texas
Houston-The Woodlands-Sugar Land, Texas
McAllen-Edinburg-Mission, Texas
Memphis, Tennessee-Mississippi-Arkansas
Miami-Fort Lauderdale-Pompano Beach, Florida
Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
St. Louis, Missouri-Illinois
“At Newrez, we are committed to being the premier provider of affordable home financing solutions to help all borrowers achieve the dream of homeownership,” said Cristian Correa, SVP of National Diversity Lending at Newrez. “Joining forces with Freddie Mac on the BorrowSmart Access pilot is a testament to our mutual commitment to expanding access to credit and supporting underserved communities. We look forward to making a positive impact on the lives of many families across the country."
BorrowSmart Access is now available in the ten MSAs listed above. For more information on the product and how to apply, please contact a Loan Consultant or visit https://www.caliberhomeloans.com/borrowsmartaccess. In addition to BorrowSmart Access, Newrez and Caliber offer a wide variety of affordable loan programs available in today’s market helping our customers make smart moves through the lifetime of their mortgage loans.
About Newrez
Newrez is a leading mortgage company that combines mortgage origination and servicing to provide a customer-first journey and helps our customers make smart moves throughout the lifetime of their mortgage loans. Differentiated by its origination platform, the Company provides customers with unparalleled lending options to purchase and refinance. Its servicing business services loans on behalf of Newrez customers and includes third-party servicing brand, Shellpoint Mortgage Servicing. Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the Rithm Capital Family of Companies. Caliber Home Loans, part of the Newrez Family of Companies, is also a proven leader in the U.S. mortgage market with a diversified, customer-centric, purchase-focused platform with headquarters in Coppell, Texas.
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REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Accesswire | April 28, 2023
EquityMultiple today took another step in its evolution as a vertically integrated investment manager with the launch of its dedicated originations group, EM Investment Partners (EMIP). EMIP will help deliver on EquityMultiple's mission to provide accredited investors access to the highest quality real estate opportunities across the capital stack. EMIP primarily focuses on the middle market where it can leverage its asset management expertise to originate "win-win" transactions: bespoke financing solutions that simultaneously deliver attractive risk-adjusted return opportunities for EquityMultiple's investors. EMIP's institutional approach and proprietary network of sponsors allow EquityMultiple investors to participate in rigorously vetted real estate opportunities from quality operators.
EMIP is a natural extension of this industry leadership. Working behind the scenes at EquityMultiple, the EMIP team has originated over $400M in debt, preferred equity, and equity investments since the inception of the EquityMultiple platform, participating in transactions that account for over $4.5B in total market capitalization.
EMIP's originations approach is shaped by current market dynamics. Leveraging proprietary data, vast experience, and deep industry relationships, the EMIP team crafts a forward-looking market thesis in order to provide value to middle-market sponsors and unique deal flow to EquityMultiple's network of self-directed accredited investors. In conjunction with the launch of EMIP, EquityMultiple will be launching its first open-ended debt platform to provide borrowers with financing solutions beyond traditional banks. EMIP's first dedicated debt fund will primarily target first mortgage loans on most property types in markets with strong fundamentals, targeting low double-digit annual net returns to EquityMultiple investors. Middle-market operators seeking debt or equity financing can get in touch at eminvestmentpartners.com.
About EquityMultiple
EquityMultiple is a commercial real estate investment and technology firm whose mission is to build investor wealth through streamlined access to diverse real estate investment products. To date, EquityMultiple's investors have participated in over $4.5 billion in commercial real estate transactions through its online investing platform. The firm pairs innovative technology with real estate experience via its subsidiary, EMIP, and industry-leading investor services, to offer an unparalleled investing experience.
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MORTGAGE AND LENDING, BUYING/SELLING
PRnewswire | April 28, 2023
Best Egg, a financial platform that offers simple solutions to help people with limited savings confidently navigate their everyday financial life, has announced a strategic partnership with AppFolio, Inc., a leading provider of cloud business management solutions for the real estate industry.
Best Egg, which is owned by Marlette Holdings, Inc. will be integrating its Flexible Rent solution into the AppFolio Property Manager resident portal. This integration will provide more than seven million renters across the U.S. with a flexible and personalized rent payment option without the need to leave their resident portal.
"Our partnership with AppFolio is a critical step in making Flexible Rent available to more renters throughout the U.S.," said David Sullivan, Managing Director of Flexible Rent at Best Egg. "With this partnership, Best Egg and AppFolio are paving the way for a more flexible and personalized future of rent payments, making it easier for renters to manage their finances and live with greater financial confidence."
Starting in the second quarter of this year, residents whose property manager uses AppFolio Property Manager can choose Best Egg Flexible Rent as a payment option directly from the resident portal.
Flexible Rent enhances both the renter and the property manager experience. At no additional cost to property managers, Flexible Rent gives property managers peace of mind that rents are received on time. Additionally, Flexible Rent offers property managers an innovative and diversified approach to receiving rents that is appealing to renters valuing financial flexibility.
This convenient payment solution provides renters with the flexibility to divide their rental payments into smaller, more manageable amounts that can be paid throughout the month. With this option, renters can easily take charge of their finances and reduce the financial strain associated with paying one of their most significant recurring expenses.
"We are excited to partner with an outstanding team of accomplished innovators at AppFolio to offer renters and multifamily property managers a seamless and innovative payment solution," said Brady Nolan, Chief Business Officer of Flexible Rent at Best Egg. "AppFolio and Best Egg share a commitment to leading the industry forward. Together, we expect to revolutionize the rent payment experience for millions of renters, promoting greater financial balance each month."
About Best Egg
Owned by Marlette Holdings, Inc., Best Egg is the leading financial confidence platform that provides flexible solutions to help people with limited savings confidently navigate their everyday financial lives. Best Egg supports customers through a growing suite of personal loan, credit card, flexible rent, and financial health tools. Leveraging real-time customer insights and data engineering, Best Egg gives more people access to the resources they need to be money confident. For more information, visit www.bestegg.com.
About AppFolio, Inc.
AppFolio, Inc. is a leading provider of cloud business management solutions for the real estate industry. Our solutions enable our customers to digitally transform their businesses, address critical business operations and deliver a better customer experience. For more information about AppFolio, visit www.appfolioinc.com.
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