- Posted In: Lending
A lot is happening within Great Lakes Housing Group! Business is booming for each of our four sub-companies. Great Lakes Financial Group’s work was selected on an advisory service basis to help a borrower restructure their interest rate under HUD’s Interest Rate Reduction (IRR) program. The IRR program through HUD is not a full refinance with third party due diligence. It is a process that simply allows the borrower to benefit from the HUD and GNMA partnership to reset the interest rate. The end benefit to the borrower was a 1.65 BPS rate savings on a 1.2mm affordable housing loan for Shaker Place Apartments. Great Lakes Financial Group was proud to work as an advisor for this particular client increasing their savings by approximately $16,000 per year and even more proud to have the project originate out of a Cleveland suburb.
Long term relationships are important to Great Lakes Financial Group. The borrower for this project was a previous client of GLFG and wanted to make sure the project was processed fairly and on time with HUD. At GLFG we look to provide our clients with the most value whether it be lending, advising, etc. we want you to rely on us!