121 St. Nicholas Avenue, Harlem

Distressed Properties

With our funding partners we are piloting a program to bring a stable source of capital to the New York City market for the acquisition and rehabilitation of small distressed properties in targeted neighborhoods. Bringing a new product to the market, CPC was recently chosen by Freddie Mac as one of a select group of seller/servicers to participate in its Small Balance Loan (SBL) program, which provides mortgages ranging from $1 million to $5 million for the acquisition or refinancing of small multifamily properties with five or more units. For construction loans under $1 million, we’ve streamlined and simplified the construction review process to cut down on paperwork, offer more flexibility, and provide a potential for additional cost savings.