Lancaster Pollard Mortgage Company recently assisted Tryko Partners in refinancing $17.3 million for Willow Springs, a skilled nursing facility in Brick, New Jersey. The deal capped off a busy few months for the firm, which through the end of March has closed 16 deals totaling $224 million in FHA 232 transactions since the government shutdown ended on January 25.
These transactions highlighted the efficiency of the FHA 232 team’s processing, as they were able to navigate an increased workload in the wake of the government shutdown. In the first three weeks following the government reopening, 16 of the 25 FHA 232 commitments issued by HUD were received by Lancaster Pollard. “The contract underwriters utilized by the 232 program were very instrumental in making sure that projects were ready to be presented to HUD’s Loan Committee right after the shutdown ended,” said Robert Baxter, managing director at Lancaster Pollard. “Additionally, the 232 staff did an incredible job of hitting the ground running upon returning, working tirelessly with borrowers and lenders and immediately holding Loan Committee.”