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WASHINGTON, DC-In the never-ending war between the GSEs and life companies for good multifamily deals, the GSEs are winning–at least this week. The reason, not surprisingly, is the Federal Reserve Bank’s launch of QE3. Over the last two weeks, the GSEs have gotten very competitive over life companies, Walker & Dunlop’s Ted Hermes tells GlobeSt.com.

“Spreads over Treasuries have tightened considerably,” he says. “Standard deals are well below 4% — you can secure them at three-and-a-quarter, fully levered.” Life insurance companies are not as competitive when it comes to proceeds, he adds. “GSEs are winning by offering higher loan-to-values.”

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