SANTA ROSA, Calif., Sept. 27, 2017 /PRNewswire/ — Luther Burbank Savings announced today that it completed the securitization of $626 million of its multifamily loans through Freddie Mac sponsored Q Certificates. Luther Burbank Savings will be the Sub-Servicer for the securitization. All of the multifamily loans were originated within Luther Burbank Savings’ geographic markets along the west coast extending from Washington to California.
John Biggs, President and CEO of Luther Burbank Savings stated, “The successful completion of this securitization aligns with our strategic objectives of recapturing capital to redeploy into higher yielding loan production.” Mr. Biggs continued, “In addition to this strategic redeployment of capital, we retain valuable client relationships as Sub-Servicer, reduce reliance on wholesale funding through the pay-down of FHLB borrowings and reduce mortgage loan concentrations in multifamily collateral.”
About Luther Burbank Savings
Founded in 1983 in Santa Rosa, California, Luther Burbank Savings is an FDIC insured, privately held, California based commercial bank with over $5.6 billion in assets. Luther Burbank Savings offers a variety of consumer and wholesale banking services focusing on single family, multifamily and commercial mortgage loan origination; business banking; and retail deposits. Additional information is available at www.lutherburbanksavings.com. Luther Burbank Savings is an Equal Housing Lender.
Mark A Severson
Luther Burbank Savings
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SOURCE Luther Burbank Savings