CHANDLER, Ariz., June 28, 2022 /PRNewswire/ -- Southwest Stage Funding, LLC dba Cascade Financial Services ("Cascade" or the "Company"), a leading national provider of financing to buyers of manufactured homes and a portfolio company of Centerbridge Partners, L.P. ("Centerbridge"), announced the launch of its Social Bond Framework, which furthers the Company's commitment to creating pathways for affordable housing.
The Company's new framework has also received favorable external validation from ISS ESG, a leading authority within Institutional Shareholder Services Inc. (ISS) that independently assesses corporate frameworks and social bonds. ISS ESG recently issued a second-party opinion that Cascade's Social Bond Framework adheres to the ICMA Social Bond Principles. Among other metrics, ISS ESG recognized that Cascade has enacted positive measures driving its commitment to responsible sales practices, marketing, and treatment of customers, including a constructive approach to repayment and financial counseling.
Cascade's mission is to serve the American dream through attainable home ownership. Buyers of manufactured homes are often denied credit for such purposes by the leading housing lenders in the country. Cascade's loan programs are tailored specifically to owners of manufactured homes, including many rural borrowers, first time homebuyers, and military families. Manufactured homes financed by Cascade feature high-quality construction built to rigorous federal standards, along with modern amenities and energy-efficient appliances at a fraction of the cost of site-built homes. In addition, Cascade works with hundreds of manufactured housing retailers and communities across the country and has made significant investments in recent years to create a seamless borrowing experience for its customers, including a user-friendly digital platform.
"Cascade is proud of its efforts to bring down the cost of home ownership for underserved buyers of homes and deliver a first-class borrowing experience for our customers as we continue to meet the growing demand for affordable housing," said Todd Kopstein, Chief Executive Officer of Cascade. "Establishing our Social Bond Framework is a significant next step in deepening Cascade's commitment to the manufactured housing industry and advancing our positive socio-economic impact."
Steve Shafran, Chairman of Cascade's holding company and Senior Advisor at Centerbridge, said: "At Cascade, our mission is to help broaden the availability of housing to all Americans, particularly those that want to purchase a high-quality manufactured home and who are typically underserved by more traditional financing sources. The external validation by ISS ESG is an important milestone and acknowledgement of the work we have been doing for years to address our country's housing affordability gap."
About Cascade Financial Services
Cascade is a leader in financing for manufactured and modular homes with high customer satisfaction ratings and an A+ rating with the Better Business Bureau. Cascade is proud to offer a full suite of financing options including FHA, VA, Freddie Mac and non-government insured portfolio loan products, including both chattel and land secured loans. Founded in 1999, Cascade was named Regional Lender of the Year by the Manufactured Housing Institute for six out of the last seven years. Additional information is available at www.cascadeloans.com
About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — private equity, private credit and real estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and as of April 30, 2022 has approximately $34 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.
Todd Kopstein, CEO, Cascade Financial
Kate Matheson, CHRO, Cascade Financial
SOURCE Cascade Financial Services