AMI Capital Among First to be Named Approved Lender Under FHA's New 'Map' Program; -- New Accelerated HUD Loan Offers Multifamily Approval In 45 Days.Business Editors BETHESDA, Md.--(BUSINESS WIRE)--June 1, 2000 The U.S. Department of Housing and Urban Development (HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. ) named AMI Capital, Inc. today as one of its first Approved Lenders for the roll-out of HUD's new Multifamily Accelerated Processing ("MAP") Program. Under this new loan initiative, HUD has promised to slash its turn-around time on FHA loan FHA loan is a federal assistance mortgage loan in the United States insured by the Federal Housing Administration. The loan may be issued by federally qualified lenders. processing to a maximum of 45 days. AMI Capital is an experienced FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). multifamily lender and has closed loans nationwide. The company offers FHA apartment loans ranging from $2 million and up. It will implement the MAP program immediately to speed up and streamline FHA loans on behalf of borrowers. "We're thrilled to be out in front on this initiative and are impressed by HUD's commitment to make this program work," said Michael D. Sullivan, president of AMI Capital. "Customers now have a fast and viable option for FHA new construction financing. With the advantage of speed, FHA loans are now a much more competitive choice for developers and owners because these loans are non-recourse and can provide greater loan dollars than other options." Under the MAP program, approved mortgage lenders - rather than HUD - will be responsible for underwriting transactions. HUD will serve solely in a review and approval function, and therefore has been able to dramatically reduce its committed turn-around time to just 6 weeks. For more information about the accelerated MAP program, contact a member of AMI Capital's FHA Team: -- Holly Bray - Washington D.C. area - 800/800-1871 -- Betty Kavanaugh & Charles Ervin - Atlanta - 770/777-2929 -- Stephen Wessler - Denver - 303/773-3733 AMI Capital is a nationwide mortgage lender focusing on loans for multifamily housing complexes, office buildings, industrial properties, retail centers and senior housing. Since its inception in 1990, AMI Capital's portfolio has grown to more than $1.7 billion. Headquartered in Bethesda, Maryland Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from , AMI Capital's principals include ULLICO ULLICO Union Labor Life Insurance Company Inc., whose assets exceed $3 billion. The firm's product line consists of Fannie Mae Fannie Mae: see Federal National Mortgage Association. DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) , FHA and commercial programs, including conduits and life insurance financing products. AMI Capital's regional offices are located in Alexandria (VA), Atlanta, Columbus (OH), Denver, Kansas City, Los Angeles and San Francisco. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion