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Find out why -- and how much -- the commercial-property financing specialist will reward shareholders.


Walker & Dunlop (NYSE:WD) provides commercial real estate loans to developers and sells the loans to government sponsored mortgage enterprises (GSE) like Fannie Mae (FNMA) and Freddie Mac (FMCC). In 2009, Walker & Dunlop originated $2.2B in real estate loans and sold $1.9B to GSEs and the US Department of Housing and Urban Development. WD also sold approximately $343M to institutional investors. The company also acts purely as a loan broker for life insurance companies, commercial banks, and other private institutions. In these cases, the company only originates and services the loan but does not actually fund it. [1]

Walker & Dunlop serviced approximately $14.2B in commercial real estate loans in September 2010. These consisted of properties in 46 states and the District of Columbia. According to the Mortgage Bankers Association, the company is the 9th largest lender of commercial real estate loans and the 5th largest originator of multifamily commercial real estate loans for Freddie Mac (FMCC) in the US.[1] According to the Federal Reserve Flow of Funds Accounts, $28B to $40B of multifamily loans held by non-commercial investors is expected to mature between 2011 and 2014. This maturation will force real estate owners to either repay their loans or restructure them. Walker & Dunlop exects that the large incidence of maturation from the non-commercial investors plus the commercial investors will cause a significant rise in demand for new loans. This will i turn drive up the demand for loan origination for Walker & Dunlop.[2]

The company's initial public offering of stock on the NYSE occurred on December 14, 2010. The company offered 10M shares each for $10 each. This was below the original midpoint of $14-$16. The IPO raised a toal of $100M. The lead underwriters of the deal were Credit Suisse Group (CS), Keefe Bruyette Woods, and Morgan Stanley (MS).[3]

Walker & Dunlop's 2009 total revenue figure was $89M. This corresponds to an 82% increase over the 2008 figure of $49M. Net Income in 2009 was $40M, which was a 186% increase over the 2008 figure of $14M. Total revenue for the first 9 months of 2010 was reported to be $86M. This places the company on track to surpass its 2009 total revenue of $89M. [4]


  1. 1.0 1.1 WD S-1/A 2010 SUMMARY "Our Company" pg 1
  2. WD S-1/A 2010 SUMMARY "Industry and Market Opportunity" pg 2
  3. Renaissance Capital - IPO Home "Walker & Dunlop prices IPO at $10, below the range" 14 Dec 2010
  4. WD S-1/A 2010 SUMMARY "Our Company" pg 1
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