Gershman Mortgage of St. Louis will on an outsourced basis to provide loans insured by the Department of Housing and Urban Development for Land Home Financial Services' commercial lending division.
The venture will offer competitive rates and long-term financing to Concord, Calif.-based Land Home's commercial, multifamily and health care clients. It will be led by Michael Thomas, vice president of multifamily and health care at Gershman Mortgage. The company is one of a few select lenders fully approved for both the Federal Housing Administration's MAP (Multifamily Accelerated Processing) and LEAN (for health care projects) processing programs.
The deal expands the activities of Land Home's commercial division, which started up in 2016.
"We are excited that this relationship has been initiated and see this as an opportunity to expand our FHA platform to Land Home Financial Services offices throughout the country," Bruce Sandweiss, executive vice president of Gershman's multifamily division, said in a news release.
