NEW YORK, NY - Dwight Capital, a national commercial lender, announced today that it funded nine FHA/HUD loans in July and August of 2015, totaling in excess of $115 Million.
Five of the nine loans were processed through Dwight’s Early Rate Lock Program. Ordinarily, FHA insured loans are not rate locked until a Lender receives HUD’s Firm Commitment to insure the loan. Utilizing Dwight’s innovative Early Rate Lock Program allows the borrower to lock in an interest rate prior to submitting the application to HUD. All five of the loans locked in an interest rate during Q1 2015 when 10-year U.S. Treasury rates were at their lowest levels, between 1.85% and 1.95%.
Adam Sasouness, Co-Managing Principal of Dwight Capital, observed: "We saw the dip in rates and offered all of our borrowers the Early Rate Lock option. We happened to time it perfectly, all to their benefit."
Four of the loans were originated by Adam; a $9,307,500 loan on Cowboy Town Apartments in Stillwater, OK, and a $12,498,200 loan on 900 F apartments in San Diego, CA. Both were rate locked five months prior to closing.
“In the last two years, I have executed two sizable refinancings. The first was with one of the oldest, largest and best known financial institutions in the country. The second was with Dwight Capital. I found that, between the two, Dwight Capital was far superior in regards to responsiveness, availability, service and overall professionalism,” noted Jim Lumberg Owner of Cowboy Town Apartments.
Adam also originated a $3,220,700 loan on Glen Aire Mobile Estates in San Bernardino, CA and an $11,200,000 loan on Stones River Apartments, a 203-unit complex in Murfreesboro, TN, which enabled the borrower to lock into a 35-year fixed rate and return $2.8 million of equity to ownership.
Josh Hoffman, Dwight’s Managing Director, along with Kevin Lifshitz, co-originated a loan for Central Park Estates, a 254-unit property in Novi, MI. This $26,675,100 loan closed in July. In Hoffman’s words: "We worked closely with the borrowers throughout the process to provide several financing options for the property. At the end of the day, the HUD loan best suited ownership’s long-term strategy."
Hoffman and Lifshitz also originated an $11,245,900 loan on Arabella Apartments, an 88-unit complex in Shoreline, WA as well as Illumina Lake Apartments, a $14,378,700 loan on a 110-unit property in Seattle, both processed through Dwight’s Early Rate Lock Program.
Josh Sasouness, co-managing principal of Dwight Capital also originated two loans; a $17,084,200 loan on Vantage Pointe at Marrowbone Heights, a 200-unit community in Ashland City, TN and a $9,725,500 loan on Villas Pacifica Apartments, a 80-unit apartment building in Imperial, CA.
Dwight Capital: Dwight Capital, headquartered in New York, is an FHA/HUD approved lender and CMBS lender, focusing on the origination of multifamily and healthcare mortgages. To complement those business lines, Dwight Capital also offers bridge loans and preferred equity/mezzanine loans. Dwight Capital prides itself on providing innovative and creative financial solutions for our clients. For more information about Dwight Capital, please visit: www.dwightcapital.com