Deal Insider: Orchard Park at Murphy
Challenge: This Section 232 new construction project was one of the first to go through HUD’s new modified firm application process, which allows the borrower to submit a firm application without including architectural deal plans, specifications and final construction costs. Solution: Love Funding worked with the client to ensure they would have those final requirements ready when HUD signed off on the firm commitment, allowing them to move right into the closing queue and reducing their total processing time by as much as five months. The client committed to these significant costs ahead of receiving the firm commitment because of the confidence they had that Love Funding would be able to execute the transaction successfully. Deal Insider provides insights into Love Funding’s recent loan closings, with an emphasis on how the originator helped the client address a specific challenge.