Source: Red Mortgage Capital / #Multifamily #Finance
COLUMBUS, OH - Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC, announced that during the U.S. Department of Housing and Urban Development’s (HUD’s) fiscal year 2012 ending September 30, the firm provided 183 loans totaling $1.66 billion capturing the #1 ranking for lenders nationwide in both volume and number of FHA loans closed.
The totals represent a 40% growth in volume over the previous fiscal year where Red funded $1.2 billion for more than 100 loans.
According to HUD data, 1,952 loans closed for a total volume of $17.72 billion between the FHA MAP and LEAN programs and the forecast remains strong for the current year. “I am extremely proud of the efforts of our clients, employees and everyone at FHA. We continue to see high demand in the market for FHA financing due to the exceptionally competitive rates and growing efficiency in the process to get the deals done,” said Edward H.R. Tellings, Senior Managing Director and Chief Underwriter responsible for Red’s FHA operations. “Currently we have more than 200 loans totaling $1.7 billion in process and continue to grow our underwriting and processing staff to meet the demand and deliver high quality service and solutions to our clients.”
Mark C. Beisler, Chief Executive Officer of Red Mortgage Capital, LLC said, “These results are a direct reflection of our deep knowledge and understanding of FHA’s multifamily and healthcare programs and long term commitment to efficiently and effectively serving this market. Having the distinction as the #1 Lender in the nation is very humbling for us and we know we wouldn’t be on top without the dedication of our staff, deep-rooted relationships with HUD and support from our customers.”
Recognized for its industry expertise, innovative and comprehensive structures, and consistently high rankings, RED CAPITAL GROUP, LLC has provided over $52 billion of integrated debt and equity capital since 1990 to the multifamily, student and seniors housing, and health care industries through three operating companies.