NEW YORK--(BUSINESS WIRE)--Harper Capital, a leading lender specializing in HUD-insured loans, today announced the successful closings of five HUD-insured refinances in July totaling $64 million.
The first project was a $22.5 million refinance of a 263-unit, market-rate property in Columbus, Georgia. Jason Langer, Harper Capital vice president, identified this opportunity for the borrower. The transaction enabled the borrower to lock in a historically low interest rate, fixed for the 40-year, fully-amortizing loan term. Harper Capital helped the project receive green certification, which reduced the Mortgage Insurance Premium (MIP) rate to HUD’s 25 basis-point minimum.
Seth Schlussel, Harper Capital vice president, originated the remaining transactions, which comprised a portfolio. These four Texas properties contain a total of nearly 500 units. With a combined loan amount exceeding $40 million, this borrower group locked in low interest rates and HUD’s 25 basis-point MIP due to green certification.
Nathan Schuss, Harper Capital’s CEO, said, “Jason, Seth, and the entire Harper team did a great job identifying these projects suffering from high debt service payments and bringing them to the closing table so quickly. It is unlikely that interest rates will stay this low for much longer. Collectively, the borrowers will now pay $750,000 less in mortgage payments each year with minimal upfront costs. In these uncertain times, we know the added cash flow will go a long way.”
Harper Capital Partners, LLC, is an FHA/HUD-approved mortgage lender specializing in multifamily and healthcare HUD-insured debt solutions nationwide, enabling acquisitions, refinances, substantial rehabilitation, and ground-up development. Its team has experience working on more than $5 billion of transactions throughout the United States. www.harpercap.com.