HUD Lean Program Ends Year With $3.6 Billion in Loan Production
COLUMBUS, Ohio--(BUSINESS WIRE)--Oct 18, 2018--The U.S. Department of Housing and Urban Development (HUD) recently released production data for its Lean mortgage insurance program, which finances seniors housing properties, for the fiscal year ending Sept. 30, 2018. Over the course of the fiscal year, the program closed $3.6 billion of loan volume, an increase of 6% compared to 2017. A total of 317 loans were closed, as the program maintains its position as an important source of debt capital for the seniors housing industry.
“We continue to applaud HUD and the outstanding job it does in processing a large number of loans each year,” said Kass Matt, president of Lancaster Pollard. “The efficiency of their process has increased each year since the program’s inception. It’s no surprise the FHA Sec. 232 Lean program retains its popularity, as it provides low, long-term fixed rates that have benefited many of our clients. Even in a rising interest rate environment, we closed 70 loans through the program in 2018, totaling $619.1 million.”
Thirty-one lenders closed loans within the program in fiscal year 2018. The FHA Sec. 232/223(f) refinance program was the largest contributor to the volume as it processed 292 of the loans with a total loan amount of nearly $3.4 billion. Lancaster Pollard led all lenders in number of loans closed. The firm leads all lenders in both total loans and par amount since 2010, with 670 loans totaling $5.4 billion in that period. Additionally, Lancaster Pollard closed eight construction loans totaling $71 million via the 241(a) program in 2018, more than any other lender.
Lancaster Pollard helps health care and senior living providers expand and improve their services by providing a full range of investment banking, mortgage banking, private equity, balance sheet financing and M&A advisory services. Lancaster Pollard & Co., LLC, a registered broker/dealer, underwrites taxable and tax-exempt bonds, and provides debt placement and syndication, as well as M&A advisory services. In 2017, Lancaster Pollard was acquired by ORIX Corporation USA, a division of leading international financial services group ORIX Corporation.
Source: U.S. Department of Housing and Urban Development , Office of Healthcare Programs, Section 232 – LEAN, Number of Initial Endorsements and Mortgage Amounts by lender at Firm Commitment, FYE2018 (Sept 30, 2018).
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CONTACT: Lancaster Pollard
Tyler Howard, 614-224-8800
KEYWORD: UNITED STATES NORTH AMERICA OHIO
INDUSTRY KEYWORD: SENIORS OTHER CONSUMER HEALTH PROFESSIONAL SERVICES BANKING FINANCE INSURANCE OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY CONSUMER MANAGED CARE
SOURCE: Lancaster Pollard
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PUB: 10/18/2018 11:10 AM/DISC: 10/18/2018 11:10 AM