Community Preservation Corp., a nonprofit affordable housing and community revitalization finance company, is no stranger to multifamily lending, having originated nearly $500 million in agency loans in 2018 alone.
But now, the company is spinning off its agency lending business and creating a standalone mortgage company.
Community Preservation Corp. announced this week that it is launching CPC Mortgage Company, which will focus on Freddie Mac, Fannie Mae, and Federal Housing Administration loans for acquisition, refinance, rehabilitation, and construction for multifamily properties.
The company said that its agency lending team has operated within the CPC umbrella for the last few years, but with originations growing, it feels that spinning it off into its own entity is the right move.
“The launch of CPC Mortgage Company, brings our trademark dedication and ability to execute to borrowers looking for the opportunities that Agency products offer,” said Sadie McKeown, EVP and chief operating officer at CPC. “It’s not just about originating – we’re here to build relationships and put our borrowers in the best position to be successful for the long-term.”
According to the company, revenue generated by CPC Mortgage Company will go towards aiding the nonprofit mission of CPC, providing capital solutions to help transform underserved neighborhoods through investments in housing.
“It was important to us that CPC Mortgage Company not just be successful, but that it helps to further the nonprofit mission of CPC and that it’s true to our core values,” said Rafael Cestero, president and CEO of CPC. “Having products that target affordable housing and small buildings is a perfect fit. Those are areas where our decades of experience put us in a position to provide unmatched value to our customers and communities.”