Mutual of Omaha Bank says it has been approved as a lead bank partner for Fannie Mae's Acquisition, Development and Construction (AD&C) financing program.
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 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 says it is evaluating opportunities to finance projects in major metropolitan markets nationwide in the multifamily, student housing and seniors 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.
SOURCE: Mutual of Omaha Bank