Columbia, Md—Enterprise Community Investment Inc. (Enterprise) and Bellwether Real Estate Capital LLC announced a merger between Enterprise’s Multifamily Mortgage Finance business and Bellwether, expanding their geographic reach, product offerings and ability to serve multifamily and commercial real estate borrowers across the country. The new company, Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise), is expected to top $1.5 billion in combined mortgage production volume in 2012.
Lamar Seats, currently SVP of Enterprise’s Multifamily Mortgage Finance business will now serve as CEO of Bellwether Enterprise, and Ned Huffman of Bellwether will serve as president. Debbie Rogan of Bellwether will serve as EVP. The transaction is expected to close in the second quarter.
Bellwether Enterprise will be headquartered in Cleveland, with originators located in 13 cities nationwide. Bellwether Enterprise will provide integrated product solutions through:
- Streamlined underwriting as a special Fannie Mae Delegated Underwriting and Servicing (DUS(®)) Special Affordable lender, Freddie Mac Targeted.
- Affordable Housing lender, Freddie Mac Program Plus(® )lender, a Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender, a U.S. Department of Agriculture (USDA) Section 538 Rural Development lender, issuer of Ginnie Mae Mortgage Backed Securities and correspondent relationships with more than 25 life insurance companies.
- Timely processing and closing.
- Experience closing loans in diverse housing and commercial markets.
- Fast-track underwriting for repeat borrowers.
- Nationally recognized expertise in financing complex affordable housing, market rate (workforce) and preservation transactions.
- Interim bridge loans, mezzanine loans, forward commitments, and equity and joint venture structures.
- Fixed and variable interest rates, amortization schedules of up to 30 years.
- Construction and permanent loan servicing for all loans originated by Bellwether Enterprise.