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May 05, 2006

Fannie Mae MFlex multifamily loan initiative

First National Bank Alaska launched the states first Fannie Mae MFlex initiative on May 3. The bank closed two loans to Rick Mystrom, owner of American Multiplex, providing financing for two eight-unit apartment projects in Anchorage.

The loans will be sold to Fannie Mae under the banks new MFlex relationship. MFlex will provide First National the expanded ability to originate more loans secured by multifamily properties containing at least five units. The loans can be used for acquiring or refinancing properties. When refinancing, property owners can draw equity from their projects. In 2005, Fannie Mae invested more than $25 billion in multifamily housing.

The Fannie Mae MFlex initiative is the first of its kind in the state, said Louise Bourcier, Vice President and chief multifamily loan underwriter at First National.

What makes our loans different than those offered by out-of-state institutions is that we customfit the program to Alaskas unique situations, said Bourcier. We understand Alaska, we live here and we know the nuances of multifamily housing in the state.

First National, the states leader in multifamily property lending, also offers bank-held and Alaska Housing Finance Corporation multifamily property loans.

Established in 1922, First National is Alaskas largest locally owned and operated bank, with ATMs and 29 branches in 17 communities throughout Alaska.

 

Contact: Marketing Department, (907) 777-3409