Memphis Multifamily First to Receive Fast-Track HUD Loan
- Oct 29, 2015
Memphis, Tenn.—Greystone has provided a $22.5 million FHA-insured loan to refinance Grand Island Apartments, a 204-unit multifamily property located in Memphis, Tenn.
The loan was closed in under seven months through Fast-Track HUD processing, and this is the first property to utilize the new platform.
“As part of the Greystone Fast-Track platform, we are deploying underwriters to the property for the site inspection as well as to the borrowers’ offices to collect the outstanding documents and signatures for the HUD forms,” Mordecai Rosenberg, Greystone’s head of FHA lending, told MHN. “This proactive and hands-on approach dramatically reduces the time to collect the documents and original signatures for the HUD forms.”
The HUD loan carries both a 35-year term and 35-year amortization with a low interest rate, and was originated by Greystone’s Jason Stein and Clint Darby.
According to Rosenberg, the new process cuts time to closing by 50 percent for FHA-insured financing, which is a boon for borrowers who sometimes wait over a year to close. Greystone’s goal is to make the Fast-Track model its new standard in HUD loan processing.
“Over the past year, Greystone has been laser focused on streamlining our internal HUD underwriting process utilizing technology, expedited workflow management, and enhanced hands-on support for our clients,” Rosenberg said. “Our goal is to be both the easiest lender in the country to work with and the easiest lender in the country to work for, and our new underwriting process enabled us to far exceed our client’s expectations on timing.”
Located at 300 Island Dr., Grand Island Apartments is a gated apartment community on coastal Mud Island in downtown Memphis with luxury amenities including a clubhouse, swimming pool, fitness center and movie theater.