- Posted In: Lending
In August 2015, Great Lakes Financial Group closed a $3.3 million FHA 223F refinance deal for Meadow Wood Apartments in Salem, Ohio.
CLEVELAND, Ohio. – Dec. 16, 2015 - As financial institutions shy away from smaller business in search of larger deals, Great Lakes Financial Group continues to take on smaller projects in an effort to help as many communities as possible.
Back in 2014, Great Lakes Financial Group was involved in a $1.8 million 223F FHA refinance in Alliance, Ohio, where the company took charge of each step of the project, from the origination to the successful close of the deal. The borrower of the project took the success of this refinance and offered another deal to the company in 2015.
Many companies will not agree to smaller business, but as Brett Neely, Senior Lead MAP Underwriter for Great Lakes Financial Group, explains, “[Great Lakes Financial Group] prides themselves with trying to be a lender that’s going to take on that type of… smaller loan business…[projects] too small for a bigger lender that does FHA…we’re willing to take on those kind of projects for them.”
Working through the HUD Detroit office, Great Lakes Financial Group led this new project with the goal of restructuring the financial background of the Meadow Wood Apartments property. The company was able to organize the project, which began with mortgages from approximately 8 different regional banks and multiple varying interest rates, and focus it to one bank with one low fixed interest rate. Arranging the project in this way created a long-term path for the property and took it off of the short-term path it was on.
The successful completion of this $3.3 million 223 FHA refinance was yet another project to add to the growing success of the Great Lakes Financial Group portfolio. Although the company is growing rapidly, it continues to take on any type of project in its mission to help as many communities as it can. As Neely says, “We’re evolving… [into] a full service lender to all types of customers, small or big.”