COLUMBUS, Ohio--(BUSINESS WIRE)--Lancaster Pollard continued as the #1 HUD 202 lender in 2012, refinancing 27 FHA Section 202 seniors housing direct loans. The firm refinanced properties in 10 states with a total loan amount of $75.6 million.
“While many program and policy changes by HUD over the years have complicated the 202 refinance process, the benefits of raising new money for property improvements or other affordable housing initiatives has compelled a large percentage of owners to undertake the process”
According to HUD data, Lancaster Pollard has refinanced more 202s than any other lender over the past six fiscal years. The firm refinanced 163 loans over that time period, 40 more than the next lender.
Recently, HUD made a number of changes to its Section 202 Program. Many of these modifications make it more attractive for nonprofit property owners to prepay and refinance their existing loans in this low interest rate environment. However, the changes may also bring additional risk to the borrower, especially for those seeking to refinance their 202 loan for a second time using the FHA Sec. 223(a)(7) program.
The changes introduced by HUD in 2012 have made the mechanics and process of refinancing a 202 property more complex. As the nation’s leader in refinancing Section 202 properties, Lancaster Pollard is well-versed at mitigating the risks and maximizing the benefits that can be achieved by refinancing Section 202 properties under both the FHA Section 223(f) program and the FHA Sec. 223(a)(7) program.
“While many program and policy changes by HUD over the years have complicated the 202 refinance process, the benefits of raising new money for property improvements or other affordable housing initiatives has compelled a large percentage of owners to undertake the process,” said Brian Pollard, Managing Director of Lancaster Pollard. “With interest rates remaining at historically low levels, the benefits from the refinance have never been greater, allowing properties to be physically and economically enhanced for decades to come.”
For more information about refinancing Section 202 properties, contact a local Lancaster Pollard banker at www.lancasterpollard.com.
About Lancaster Pollard
Lancaster Pollard helps health care, senior living and affordable housing organizations expand and improve their services by providing financing solutions. The firm offers a full range of investment banking, mortgage banking and investment advisory services and has one of the largest groups of financial professionals dedicated to health care in the country. As a leading underwriter of bonds and mortgages, Lancaster Pollard has earned a reputation for delivering sound financial advice and the most cost-effective financing options available in the market.