Essex Forms Strategic Finance Partnership
Essex Financial Group (“Essex”) has formed an exclusive correspondent relationship with PGIM Real Estate to source loans intended for sale to Fannie Mae and Freddie Mac. With this relationship, Essex will work with PGIM Real Estate’s origination team in the Rocky Mountain region and have access to their DUS and Optigo lending platforms.
PGIM Real Estate is one of the only lenders to hold DUS and Optigo licenses that is not a bank or a brokerage company and is one of the top agency lending platforms in the country. In 2019, PGIM Real Estate originated $2.1 billion on behalf of Freddie Mac and $5.0 billion on behalf of Fannie Mae, making the firm the #6 Fannie Mae loan originator in the US.
The two government-sponsored enterprises have dominated the multifamily lending space since inception and both had record years in 2019, closing a combined amount of over $148 billion. This ranked them as the second largest lending source in the United States after commercial banks. Agency funds can only be accessed through their lender network. Agency lending programs include those for conventional multifamily, affordable housing, seniors housing, and manufactured housing. Essex is looking forward to increasing its multifamily loan origination through this relationship.
“We are extremely excited to partner with PGIM Real Estate and continue to build our multi-family loan origination platform,” said Cooper Williams, president at Essex Financial Group. “Our partnership with PGIM Real Estate is the perfect complement to our strong and growing insurance company loan origination business. I can’t think of a better strategic partner, given our insurance company roots and long-standing relationship with the firm.”