BETHESDA, MD –Beech Street Capital, LLC, a privately owned mortgage banking company, achieved another important milestone by receiving approval from the U.S. Department of Housing and Urban Development (HUD) as a Multifamily Accelerated Processing (MAP) lender, the company announced. As a result, Beech Street can now provide its clients additional flexibility by offering financing backed by Federal Housing Administration (FHA) multifamily mortgage insurance. Beech Street is currently a Fannie Mae DUS® lender and a Freddie Mac Program Plus® Seller Servicer. The approval comes after the HUD recently announced more stringent financial requirements for MAP lenders.
“HUD’s approval of our application as a MAP lender builds on our positive momentum at Beech Street, allowing us to offer our clients a more flexible range of financing options,” said Grace Huebscher (top right photo), president and CEO of Beech Street Capital. “During our first year, we closed over $1 billion in financing with Freddie Mac and Fannie Mae. This latest approval will help us reach our goal of more than doubling this volume in 2011.”
FHA insures mortgages for new construction, substantial rehabilitation, purchase, or refinance of apartment properties among other purposes. It provides insurance for loans with lower debt service coverage requirements, longer amortization, and lower rates than those available from other conventional funding sources.
“Our team navigated the application process in record time,” said Jeff Lee, Beech Street’s executive vice president for credit. “It’s an example of the kind of close collaboration and in-house expertise that enable us to get deals done quickly for our clients.”
Web site: http://www.beechstcap.com/
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