Charlotte, NC – Grandbridge Real Estate Capital is pleased to announce the formation of a new FHA/Affordable Housing business unit. Grandbridge Senior Vice President Phil Melton will assume leadership of the new area, combining his affordable housing expertise with Senior Vice President Tim Duncan’s FHA knowledge and underwriting skills to ensure that the company has the resources and processes in place to grow successfully both the company’s FHA and affordable housing financing over the next few years.
“We see FHA business as one of the biggest opportunities for Grandbridge in 2010. Over the past year FHA has become one of the leading sources for financing in the country on multifamily and healthcare properties. We saw our pipeline of FHA deals under application explode during the course of 2009. Tim Duncan and his team have worked tirelessly to keep up with this increased demand and their efforts are generating meaningful dividends for the company,” stated Grandbridge President David A. Roberts.
“While Affordable Housing and FHA are both very complicated and challenging businesses, particularly with today's economic conditions, there is no reason why Grandbridge cannot continue to excel in both areas. We are committed to growing these businesses over the next few years and believe that combining these divisions will lead to improved executions for both,” explained Senior Vice President / Director of Agency Lending Jeff Patton.
“HUD has recently added resources to focus more on Targeted Affordable multifamily business. Therefore, we anticipate financing more of our Targeted Affordable business under FHA programs in the future. We remain fully committed to the Affordable business and believe this new organizational structure will also enhance our ability to grow our Affordable business in the future,” said Senior Vice President Phil Melton.
“The additional underwriting resources we anticipate adding in early 2010 will allow us to provide a higher level of service and greatly enhance our ability to execute successfully in the marketplace. We look forward to a very successful 2010 with our new FHA/Affordable business unit,” detailed Senior Vice President Tim Duncan.
Charlotte, N.C.-based Grandbridge has a broad investor base that includes insurance companies, pension fund advisors, commercial banks and capital markets investors, as well as a proprietary lending platform. The company is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender and a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender. Grandbridge is also a Multifamily Accelerated Processor (MAP) and LEAN healthcare approved active participant in products insured by the Federal Housing Administration (FHA).
The company arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. Grandbridge has a current servicing portfolio of $24.5billion and represents nearly 100 capital providers. For details on the acquisitions and more information about Grandbridge and its locations, visit www.gbrecap.com.
At December 31, 2009, BB&T Corporation had $165.8 billion in assets and was one of the nation’s largest financial holding companies. Founded in 1872, it operates more than 1,800 financial centers in 13 states and Washington, D.C. More information about the company is available at BBT.com.