Lument Ranks Among Top HUD/FHA Lenders for 2020
Lument, a national leader in commercial real estate finance, has been ranked second in Federal Housing Administration (FHA) multifamily and seniors housing and healthcare lending for the fiscal year ending September 30, 2020, according to year-end figures released by the U.S. Department of Housing and Urban Development (HUD). The firm was runner-up for closed loan volume as well as loans closed.
“We continue to be a proud partner of HUD and a champion of its lending programs,” said Lument CEO James Flynn. “They provide our clients with exceptional long-term certainty, especially in this historically low interest rate environment.”
This was a record year for FHA, with 1,237 closings totaling over $22 billion, an increase of 58% year-over-year. “That HUD was able to record such impressive volumes despite the challenges posed by the COVID-19 pandemic is a testament to the dedication of its staff and the attractiveness of its programs,” Flynn added.
The 2020 HUD volume does not include note modifications, which reduce interest rates on existing HUD loans. During this period, Lument closed more than 70 note modifications for seniors housing and healthcare borrowers totaling more than $740 million, bringing its total FHA lending volume in this category to $1.5 billion.
