Walker & Dunlop’s partnership with Kayne Anderson

Greystone, Hunt, Arbor etc all have “proprietary” balance sheet lending programs but let’s be real, end of the day the vast majority of their financings are via GSE’s. Sure a quote matrix with a GSE option and a private loan option would be nice, but aren’t their clients better served with going with a local bank for non GSE debt? They can always broker them and get paid for very little risk as well. For me, whenever I hear about “proprietary” debt products, it just seems like shops like Berkadia and Walker & Dunlop want to be more like banks. The issue is they don’t have access to the cheap cost of capital the banks do.