ST. LOUIS, MO - Love Funding, one of the nation's leading providers of multifamily and healthcare financing, set a new company closings record in July, with 11 transactions totaling $216.7 million. The company shattered its last monthly record set in December 2010, when the company closed on 14 loans totaling $127.5 million.
The closings were led by four cross-collateralized loans totaling $118.5 million for a portfolio of skilled nursing and assisted living facilities in New Jersey, and a single $60.6 million construction loan for an apartment building in Bethesda, Maryland. The New Jersey loans were closed by Leonard A. Lucas, first vice president and senior loan originator in Love Funding's Boston office. The Bethesda transaction was closed by Holly Bray, a vice president in the company's Washington D.C. office.
"It's been a great year for our company and it really speaks to the deep bench of top-notch originators and underwriters we have assembled on our team," said Love Funding President Mark Dellonte. "Nobody understands the nuances of HUD's programs better than we do, and it shows time and time again in the way we execute for our clients."
All eleven loans were secured through the U.S. Department of Housing and Urban Development, which has seen a surge in demand for its loan insurance programs over the past few years as private lenders have remained on the sidelines. Love Funding became one of the nation's biggest FHA-only lenders in 2007, when the company exited other commercial financing businesses to focus on leveraging its expertise in HUD's multifamily and healthcare financing programs.
Love Funding is one of the Love Companies, a St. Louis-based investment holding company with origins dating back to 1875. Love Funding commenced mortgage-banking operations in 1984 and serves clients across the United States from its offices in Boston, Cleveland, Dallas, Denver, Detroit, Kansas City, Knoxville, New York, Palm Beach, St. Louis and Washington D.C. The company offers refinance, construction and acquisition financing programs for multifamily, senior housing and healthcare facilities. Love Funding is a fully-approved HUD LEAN and MAP lender.