Berkadia has announced the addition of 19 members to its U.S. Dept. of Housing and Urban Development underwriting team in 2017, increasing its overall HUD underwriting team size by 50%.
During HUD’s 2017 fiscal year, Berkadia's team of underwriters arranged more than $2.15 billion in financing on 152 separate transactions, surpassing year-over-year total production figures by roughly 40%, making Berkadia the top HUD originating lender, according to the company.
“Our success as a HUD originator is a result of our ability to deliver exceptional and innovative results for our clients,” said Steve Ervin, head of HUD production at Berkadia. “Increasing our team size will enable us to continue uphold the highest standards of customer service and meet the increased demand for HUD products among non-traditional HUD borrowers. This added capacity is especially important for complicated new construction, healthcare and affordable projects.”
“The past year was a record breaker for Berkadia’s HUD team,” Ervin said, noting that there was a 60% growth in HUD 221(d)(4) new construction and substantial rehabilitation loans.
“We expect that trend to continue,” he said. “As we look ahead to 2018, we anticipate that HUD’s loan program activity will increase as a result of their competitive fully amortizing, low rate, 35-40 year term loans. And with our talented team in place, we’re ready for it.”