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Forbright to Launch HUD Lending Platform for Nursing Home, Assisted Living and Multifamily
Chevy Chase, MD-based Forbright Bank, recently rebranded from Congressional Bank, intends to launch a new business line aimed at facilitating federally-insured loans to finance nursing homes, assisted living facilities and multifamily housing.
Through this new product offering, which will sit within the healthcare lending division, Forbright intends to offer direct-to-HUD loans, as well as structure bridge transactions designed to exit via HUD, following final HUD approval.
Jon Camps has been named managing director of the bank’s HUD lending platform and will oversee the new initiative. He has spent the majority of his 25-year career in real estate finance focused on HUD lending, including underwriting, originations, closing and asset management.
In 2008, Camps was part of a small group of industry leaders who worked closely with HUD to develop the agency’s LEAN methodology for increasing efficiency in processing Section 232 loan applications, which continues to consistently provide liquidity to the healthcare and seniors housing sector today.
- ◦Financing
