HomeStreet Arm to Unload $990M Multifamily Loans to Bank of America

HomeStreet, Inc.’s (HMST) subsidiary, HomeStreet Bank, is selling roughly $990 million worth of its multifamily commercial real estate loans to Bank of America, Corp. (BAC) . This will help it mitigate funding costs and boost profitability. The sale is anticipated to be completed before Dec. 31, 2024.Rationale Behind HMST’s Loan Sale to BACHomeStreet will sell loans at an approximately 8% discount and receive nearly $906 million from Bank of America. This discount signifies the existing interest rate scenar ...