Greystone Closes $500 million in FHA Loans in 60 Days
NEW YORK, Sept. 21, 2016 (GLOBE NEWSWIRE) -- Greystone, a leading real estate lending, investment and advisory firm, closed and funded approximately $500 million in HUD-insured loans in July and August of this year, the company announced today. During this time, Greystone's pipeline of in-progress FHA transactions grew to a total of nearly $3 billion – a 30% increase compared to August 2015 – and includes over $750 million in FHA financing for new construction projects.
"We started 18 months ago with the premise that there was an opportunity to totally transform the client experience of going through the HUD underwriting process. Since that time, our team has been laser focused on streamlining every facet of our processes and developing new proprietary technology to address the biggest pain points of our clients," said Mordecai Rosenberg, head of Greystone's FHA lending group. "Our average underwriting timeframes are down by 50% year-over-year (from 12-18 months down to 6-8 months) and the marked increase in FHA deal volume is a testament to the fact that the industry is really starting to take notice."
Greystone's closed transactions during this 60-day period include financings across the spectrum of FHA new construction and refinance loan products for both multifamily as well as healthcare properties.
"Greystone has never done anything today simply because it's what we did yesterday. We will continue to improve the quality of the experience that we provide for our clients as well as for our team members on a daily basis. This is only the beginning," Mr. Rosenberg added.
Greystone is a real estate lending, investment and advisory company which consistently ranks as a top commercial lender. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.