Agency vs. banks

We’re working with a reader of this blog to secure our first-ever loan from Freddie Mac, a so-called agency lender, on a project we recently stabilized.

Previously, our experience with loans has been with banks.

Back when I was first starting out, every broker warned me to avoid the agency lender and stick to banks, because the agency guys were so much harder to deal with.

Turns out… they were right!

Freddie has amazing terms; they’re effectively unbeatable by banks. But they put you through the ringer in a way that banks just don’t do.

Here’s hoping we get this thing closed!