The DMBS (discounted mortgage backed securities) program is a special program reserved for those borrowing upward of $50 million. The interest rate is a floating rate that retrades every 90 days at well below the normal ARM rate. The loans are typically underwritten at a fixed rate but trade in an around Libor.
The properties are located in Sunnyvale, Santa Clara, Belmont, and Foster City. The loan was originated by Sean Huntsman of ARCS' Bend, OR office. Huntsman could not immediately be reached for comment on the owner of the properties.
ARCS is one of the top multifamily lenders in the nation. In 2003, ARCS provided mortgage financing for 287 properties totaling $2.3 billion. The company services a portfolio of 1,700 loans exceeding $11 billion.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.