Love Funding arranged a record $737.2 million of Federal Housing Administration loans in fiscal year 2011, it announced on Tuesday, making it the agency’s third-ranked multifamily and healthcare lender in terms of volume.
Data released by the Department of Housing and Urban Development (HUD) showed a total of 67 multifamily and healthcare business transactions that Love Funding closed in fiscal 2011.
With private lenders remaining wary, HUD saw increased demand for its multifamily and healthcare loan insurance programs, and Love Funding became a top FHA lender in 2007 after exiting other commercial financing business to focus on leveraging its expertise in HUD’s programs. The company expanded its product offerings this year by launching a hospital financing division.
“These outstanding results would not have been possible without the exceptional team of originators, underwriters, closers and support staff that continue to make client satisfaction the company’s top priority,” said Love Funding President Mark Dellonte. “We’re looking forward to another strong performance in 2012.”
Highlights in Love Funding’s lending activity include a $118.5 million refinancing for a portfolio of skilled nursing and assisted living facilities in New Jersey and a $31.9 million construction loan for NuVista Care at Wellington Green, a skilled nursing and assisted living facility in Florida.
Written by Alyssa Gerace