Housing & Healthcare Finance Closes $748 Million in HUD Healthcare Financings
Chevy Chase, MD, October 28, 2014 (Newswire.com) - Housing & Healthcare Finance, LLC (HHC Finance) of Chevy Chase, Md. recently announced that it finished as the top U.S. Department of Housing and Urban Development (HUD) healthcare lender in the country in HUD’s recently completed Fiscal Year 2014. The Company led all lenders in dollars loaned under HUD’s Section 232 LEAN Program with a total of $748.4 million in loans, representing close to 18% of the program’s $4.21 billion of fundings.
Nearly 90% of HHC Finance’s closed loans came from organic growth through refinancing conventional loans into HUD loans, leading to a record year for the Company despite almost all other HUD healthcare lenders experiencing a decrease in HUD financings. After hitting a record $5.8 billion in loan production in Fiscal Year 2013, HUD LEAN program volume dropped significantly this past year due to a decline in the refinancing of existing HUD loans, known as Section 223(a)(7) loans.
"We form very tight relationships with our borrowers and always go the extra mile for them," said Lindenauer. "In addition, we are able to offer them other loan products including non-HUD options such as bridge, accounts receivable, and mezzanine financing."
Erik Lindenauer, Director
Erik Lindenauer, HHC Finance’s founder and director, credits the Company’s record year to the high-touch approach it has with its borrowers.
“We form very tight relationships with our borrowers and always go the extra mile for them,” said Lindenauer. “In addition, we are able to offer them other loan products including non-HUD options such as bridge, accounts receivable, and mezzanine financing.”
HUD’s LEAN process was developed in 2008 for Section 232 loan applications. The streamlined process helps applicants get mortgage insurance for loans that help finance nursing homes, assisted living facilities, and board and care facilities. The funds can be used to purchase, refinance or substantially rehabilitate a property.
“It’s great to work with HUD and our clients to provide financing for top-notch senior care facilities,” said Rich Lerner, HHC Finance director. “With more Americans enjoying longer lives, our work helps to make sure that they will have access to the best care and residences throughout their retirement.”
The firm’s high-touch approach with its borrowers is clearly paying dividends. The results from Fiscal Year 2014 amount to a record year for HHC Finance, and the Company’s continued solid performance is fueling growth in its multifamily financing business as well.
“We do a lot of upfront work in pre-qualifying deals, and we go deep with our borrowers,” states Lindenauer.
HHC Finance’s record growth has come primarily from word-of-mouth referrals and stellar reputation in the marketplace, with satisfied customers coming back for additional financings and recommending the company to their peers.
About Housing & Healthcare Finance, LLC
Founded in 2002, Housing & Healthcare Finance, LLC (HHC Finance) is one of the leading HUD healthcare and multifamily lenders in the U.S. In addition to HUD loans, HHC Finance provides line of credit as well as bridge financing. The Company’s expertise in the healthcare and multifamily markets allows it to provide loans that address all of its borrowers’ financing needs. HHC Finance is headquartered in Chevy Chase, MD and has additional offices in New York, New Jersey, Pennsylvania, Ohio, Illinois, Wisconsin, and California. For more information, please visit www.hhcfinance.com.