HUD's Still Got It.
Cambridge does too!
When Jeffrey Davis first started Cambridge Realty Capital in 1983, it served a broad real estate market, providing capital for all types of commercial real estate. Two years later, current President Andrew Erkes joined Davis in the young startup, bringing with him several years of experience working with HUD-insured multifamily and healthcare real estate loans. By then, the US Department of Housing and Urban Development was approximately 30 years old and maintaining a strong presence in US housing.
Davis’ zeal and Erkes’ experience notwithstanding, getting into the HUD market made sound business sense for the boutique commercial real estate lender. While in his early twenties’ Davis benefitted from working at a major Chicago mortgage banking firm with an excellent HUD multi-family execution, and Erkes was a HUD lender working at another mortgage banking firm. The program especially began to resonate with Davis during the Jimmy Carter era, when Prime was 22% and long-term rates were 14%, and HUD had a Ginnie Mae tandem program with long-term rates that were half of what they were in the commercial marketplace.
36 years later, neither Davis nor Erkes have any regrets about the shift in focus from general commercial real estate to the senior living sector. As for HUD lending, “There’s always an element of risk when getting involved with government programs because things can change with little notice. Sometimes programs even disappear entirely,” Davis remarked. “However, little has changed with the HUD loan program over the years. Not only does it remain a popular and practical loan product, but it has also helped millions of American seniors obtain affordable housing and healthcare, something that has always been one of HUD’s core values.”
HUD still has some of the best terms and rates to help you refinance your facility. Cambridge still has the help you need to get your refi done. Ready to get started on your loan application? Call us today at 312-357-1601. To read the whole article visit our blog, or learn more about all of our services.