In one sentence
Freddie Mac's Small Balance Loan program for smaller multifamily properties, offering agency execution on loans below the conventional threshold.
The longer version
The SBL program brings agency terms to smaller apartment loans, typically from about one million to a defined ceiling, that would otherwise fall below conventional Freddie execution. It is a high-volume, standardized product.
Like other agency products, SBL runs on published forms and standards, which makes it a strong candidate for templated closings that start most of the way built.
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