CLEARWATER, FL - The Churchill Companies, financiers of commercial and multifamily real estate and renewable energy installations, announce it has received approval to provide USDA Section 538 financing to the affordable housing market. This designation signifies that Churchill has demonstrated the capacity to underwrite, originate, process, close, service and manage multifamily housing loans in a prudent manner according to the USDA.
The purpose of the USDA Section 538 program is to increase the supply of affordable rural rental housing for multifamily, seniors and labor housing through the use of loan guarantees that encourage partnerships between rural development, private lenders and public agencies. The USDA Section 538 program has no minimum or maximum loan size and eligible uses of the program include new construction, acquisition with moderate rehabilitation, and revitalization of Section 515 properties. Eligible loan types include construction/permanent or permanent take-out loan. Benefits of the program include its low equity requirements, the option of using a 25-year loan term with 40-year amortization, and compatibility with other financing sources such as 9% tax credits, bonds, HOME funds and HUD vouchers.
Keith J. Gloeckl, President and Chief Operating Officer of The Churchill Companies stated, "We are extremely pleased to offer the 538 program as yet another option for our affordable housing clients."
The Churchill Companies are a full-service mortgage-banking firm with its office in Clearwater, Florida. The company specializes in providing financing for commercial real estate and renewable energy installations.
Churchill Financial LLC is a member of Q10|Capital LLC and benefits from a national infrastructure enabling immediate access to real time financing data from across the country. In the past three years, Q10|Capital companies have produced over $16.5 billion in commercial finance transactions and currently service over $17 billion in commercial mortgage loans.
Source: The Churchill Companies