Magazine article Mortgage Banking

First Housing Development Tops $11.4 Million for Construction

Magazine article Mortgage Banking

First Housing Development Tops $11.4 Million for Construction

Article excerpt

First Housing Development Corporation, Tampa, Florida, financed more than $11.461 million in new construction for Lady Lake assisted-living facility, an 89-unit project in Lady Lake, Florida.

Downs Spitler, senior vice president of originations at First Housing, originated the loan, a 75 percent loan-to-value (LTV) loan. Financed under the Department of Housing and Urban Development (HUD) Section 232 LEAN mortgage insurance program, Lady Lake was the third new-construction project in the country to close under the LEAN new-construction program, said Thomas Bernaciak, chief Federal Housing Administration (FHA) underwriter at First Housing, who underwrote the loan.

"We were the first lender to process a LEAN transaction going immediately to firm commitment, without submitting a pre-application," Bernaciak said. "HUD offers an option to eliminate the pre-application process and combine the information for both pre-application and firm [commitment] in the combined firm-commitment application."

The loan, with a 40-year term and a 12-month construction period, carries a 6.25 percent interest rate. …

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