CHARLOTTE, N.C., May 29 /PRNewswire-FirstCall/ -- Grandbridge Real
Estate Capital LLC today said it has received U.S. Department of Housing
and Urban Development (HUD) approval to operate as a "Multifamily
Accelerated Processing" (MAP) lender for multifamily and health care
programs. Grandbridge is a subsidiary of BB&T Corporation principal
subsidiary Branch Banking and Trust Company.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080303/CLM064LOGO )
The certification allows approved Grandbridge underwriters to submit
pre-applications and FHA "firm commitment" applications for MAP-approved
loan products, which means Grandbridge can provide faster access to
flexible FHA loans.
FHA-funded multifamily and health care properties include market-rate
and affordable housing, as well as manufactured home communities, seniors
housing, assisted living facilities, nursing homes and other specialty
housing products.
"We are very excited about the expanded market opportunities the
Grandbridge loan production platform brings to our FHA lending platform,"
said Tim Duncan, manager of the Grandbridge FHA origination and
underwriting division. "During recent upheavals in capital markets,
FHA-insured loan products have continued to provide a reliable capital
source for the new construction, refinance and acquisition of multifamily
and health care facilities."
Charlotte, N.C.-based Grandbridge, one of the largest full-service
commercial and multifamily mortgage banking companies in the nation, is a
Fannie Mae DUS(R) (Delegated Underwriting and Servicing) lender, a Freddie
Mac Program Plus(R) seller/servicer, and an active participant in
multifamily products insured by the FHA as a MAP-approved lender. With a
servicing portfolio of more than $21 billion representing 96 capital
providers, Grandbridge is an S&P "Above Average" servicer.
The company arranges permanent commercial and multifamily real estate
loans; services loan portfolios; and provides asset and portfolio
management and real estate brokerage services. The company has a broad
capital provider base that includes insurance companies, commercial
mortgage backed securities lenders, pension fund advisors and commercial
banks. With its proprietary lending platform, Grandbridge closed more than
1,000 transactions in 2007.
With $136.4 billion in assets, BB&T Corporation (NYSE: BBT) is the
nation's 14th largest financial holding company. It operates nearly 1,500
financial centers in 11 states and Washington, D.C. More information about
the company is available at BBT.com.
SOURCE BB&T Corporation
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Related links:
http://www.BBT.com
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CONTACT:
BUSINESS, Thomas S. Dennard, Chief Executive
Officer, +1-704-379-6910, Timothy M. Duncan, Senior Vice
President, FHA, +1-816-931-0175, ext. 222, both of Grandbridge;
or MEDIA, Jeff Nichols, Vice President, BB&T Corp.
Communications, +1-336-733-1472
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