Forbright to Launch HUD Lending Platform for Retirement Homes, Assisted Living and Multi-Family Housing
CHEVY CHASE, Maryland – (COMMERCIAL THREAD) – Forbright Bank, recently renamed Congressional Bank, today announced its intention to launch a new line of business to facilitate federally insured loans to finance retirement homes, assisted living facilities and housing multi-family. Jon Camps was appointed on Managing Director of the Bank’s HUD lending platform and oversee the new initiative. This is the latest example of the Bank’s commitment to deploy finance responsibly to generate both positive business and social impact.
The United States Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), provides mortgage insurance on home loans made by approved lenders for nursing homes and other care facilities, as well as affordable and market-priced multi-family housing. . These direct lender loans provide essential liquidity, even in times of downturns in economic cycles, allowing borrowers to maximize their cash flow and position their assets for long-term success.
Through this new product offering, which will be part of the healthcare lending division, Forbright intends to offer direct loans to the HUD, as well as structural bridging transactions designed to exit through the HUD, after final HUD approval. Camps strives to build a team of top-notch HUD loan experts, initially focusing on Section 232 healthcare and senior housing loans, as well as multi-family loans.
Camps has spent most of his 25-year career in real estate finance with a focus on HUD loans, including underwriting, origination, closing and asset management. He was most recently Co-COO and Director of Compliance at Dwight Capital, one of HUD’s major lenders that acquired the assets of Love Funding in 2020. Prior to that, he spent over 21 years with Love Funding, as President for two years after many key roles including HUD / FHA Chief Underwriter for five years and Head of Production for six years. Camps is both an approved Section 232 / LEAN underwriter and an approved MAP / Multifamily underwriter. In 2008, he was part of a small group of industry leaders who worked closely with HUD to develop the agency’s LEAN methodology to increase efficiency in processing Section 232 loan applications, which continues systematically providing liquidity to the healthcare and senior housing sector today.
“I’ve known Jon for over 15 years and I’m delighted he has joined Forbright to lead this effort, ”said Amy Heller, president of the healthcare lending division at Forbright. “His quarter of a century of experience leading all facets of the HUD business makes him uniquely qualified to lead this important business for Forbright. Our clients should expect the same tailored, reliable and customer-focused experience working with our HUD group that they enjoy from the rest of our loan programs.
“While we are excited about our new platform, we also appreciate the deep relationships we have established with many other HUD lenders over the years and look forward to continuing to work with them in the future, ”Heller added. .
About Forbright Bank
Forbright Bank (www.forbrightbank.com), renamed Congressional Bank, member of the FDIC, is a full-service bank, commercial lender and asset manager headquartered in Chevy Chase, Md., committed to accelerating the transition to an economy sustainable and clean energy by funding the companies, investors, and innovators who are driving this change. With more than $ 4.5 billion in assets owned and managed, the Bank provides specialized banking and credit services to clients across the United States. Its Sustainable Finance, Healthcare and Specialty Lending divisions offer nationwide lending products, including personalized home loans, working capital, warehouse lines of credit and term loan purchase contracts. The Bank provides real estate loans, mortgages and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization and sustainability-focused loans, to businesses and individuals through through its Community Bank division.
FDIC member as a Bank of Congress. Congressional Bank is an equal mortgage lender and grants loans regardless of race, color, religion, national origin, gender, disability or family status.