Financing the Largest FHA 221(d)(4) in Texas
- Mar 08, 2013
Mortgages USA provided construction and permanent financing of $39,638,400 million for the building of Huffines Communities’ Hebron 121 Station Phase Two. The loan is the largest project that HUD has insured through the Section 221(d)(4) program for the regional area.
Bud Malone, CEO of Mortgages USA, describes how he was able to take on a loan that other lenders had rejected. The transaction illustrates the benefits of consulting seasoned FHA lenders.
The 444-unit community is adjacent to Huffines Communities’ previously built and fully occupied first phase of the development, which contains 250 units.