Lancaster Pollard announced it closed a record number of loans under the Department of Housing and Urban Development’s healthcare programs in fiscal year 2011.
The loans totaled over $400 million, up 74% from last year according to data from the agency.
“In a time when conventional financing has continued to be difficult to obtain, the combination of HUD mortgage insurance programs and low long-term interest rates has permitted both for-profit and nonprofit providers the ability to finance their growth plans” said Tom Green, CEO of Lancaster Pollard.
According to Green, the company financed properties in 18 different states, from stand-alone facilities to some small and medium-sized portfolios. He also noted that the size of the current HUD LEAN queue, of which Lancaster Pollard has submitted more than 20 percent of the projects, has dropped from over 400 to about 250 projects in the past 10 months.
According to Lancaster Pollard, it’s the number-one lender for the refinance of Section 202 Seniors Housing Direct Loans in FY2011, obtaining 20 of the 68 HUD initial endorsements. Since 2006 Lancaster Pollard has refinanced 174 Section-202 Direct Loans using the FHA Sec. 223(f) program.
“With long-term interest rates remaining low, many sponsors of 202 properties who chose not to refinance earlier still have the opportunity to improve their properties and reduce their debt service” said Nick Gesue, senior vice president and chief underwriter for Lancaster Pollard.
Written by John Yedinak