Grandbridge is Approved FHA LEAN Lender

Published On: 09.05.08

KANSAS CITY — Grandbridge Real Estate Capital LLC, a FHA MAP-approved and authorized LEAN lender, now offers the U.S. Department of Housing and Urban Development’s (HUD) new LEAN program under Section 232/223(f) for the refinance and acquisition of nursing homes and assisted-living facilities. It is anticipated that LEAN processing will also be available for the new construction and substantial rehabilitation of healthcare facilities beginning October 1, 2008.

Some of the major changes that will streamline the 232/223(f) program include a reduction in the number of forms; elimination of duplicate information requests; electronically submitted applications; electronic fee payment; and FHA review completed by a dedicated, virtual processing team.

FHA developed the LEAN program under a pilot program through the Office of Insured Health Care Facilities (OIHCF) and the HUD Seattle, Wash., field office. Significant changes to the program include a simplified valuation process, whereby appraisals may be performed by an approved market appraiser and the proprietary earnings adjustment is eliminated. Initiation of FHA legal review will begin at the application stage, significantly reducing the time required to close.

FHA is reorganizing professional staff so that the OIHCF in Washington, D.C. will have jurisdiction over the program, including production and asset management. HUD expects to reduce the time from application submission to loan closing significantly. “The new FHA processing procedures are geared to accommodate loan closings within 30 days of submission of the application,” according to Tim Duncan, Senior Vice President of FHA Lending for Grandbridge Real Estate Capital. “Borrowers should now be able to expect much better execution of their financing through the utilization of the FHA 232 program. We are very excited with the direction and leadership HUD has taken under LEAN and the reorganization under OIHCF.”

Charlotte, N.C.-based Grandbridge, one of the largest full-service commercial and multifamily mortgage banking companies in the nation, is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® seller/servicer, and a MAP-approved participant in multifamily products insured by the Federal Housing Administration.

The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management and real estate brokerage services. Grandbridge has a servicing portfolio of more than $22 billion representing 96 capital providers. It closed more than 1,000 transactions in 2007.

With $136.5 billion in assets, BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. It operates nearly 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.

Contacts

BUSINESS

Thomas S. Dennard
Grandbridge CEO
704.379.6910

FHA CONTACT

Tim Duncan
Grandbridge SVP
816.931.0175

MEDIA

Patricia Muse
Grandbridge Marketing
205.978.1139