DENVER, May 4, 2016 /PRNewswire/ -- St. Louis, Missouri based Gershman Mortgage recently announced that in their first quarter-2016, they entered into an agreement to provide outsourced HUD loan solutions to a West Coast based bank with $ 5 billion in assets and over 50 locations in multiple western states. This agreement creates an opportunity for the affiliate to offer competitive rates and long term loans that are available under the National Housing Act and insured by the Department of Housing and Urban Development.
Gershman Vice President of Multifamily and Healthcare, Michael Thomas, will oversee the operations of this venture. Bruce Sandweiss, Executive Vice President, said, "We are excited that this relationship has been initiated and see this as an opportunity to expand our FHA platform to financial institutions across the country."
Gershman Mortgage is a direct lender under these programs and is one of a few select lenders to be fully approved for both the FHA MAP (Multifamily Accelerated Processing) and LEAN (for healthcare projects) processing programs. As one of the largest originators of FHA insured loans in the nation, Gershman offers attractive financing options for new construction and substantial rehab projects as well as refinancing for existing property owners. Named one of the nation's "Top Commercial Servicers" by Mortgage Servicing News, and a Ginnie Mae mega-servicer, Gershman services $1.5 billion in loans.
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SOURCE Gershman Mortgage