Forbright Bank, recently rebranded from Congressional Bank, announced today its intent to launch a new business line aimed at facilitating federally-insured loans to finance nursing homes, assisted living facilities, and multifamily housing. Jon Camps has been named the Managing Director of the Bank’s HUD Lending Platform and will oversee the new initiative. This is the latest example of the Bank’s commitment to responsibly deploying financing to drive both business and positive social impact.
The U.S. Department of Housing and Urban Development (HUD), via the Federal Housing Administration (FHA), provides mortgage insurance on real estate loans made by approved lenders for nursing homes and other care facilities, as well as affordable and market-rate multifamily housing. These loans provide critical liquidity, even in down economic cycles, enabling borrowers to maximize cash flow and position their assets for long-term success.
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. Camps is working to build a best-in-class team of HUD lending experts with an initial focus on Section 232 healthcare and seniors housing lending, as well as multifamily loans.
Camps has spent the majority of his 25-year career in real estate finance focused on HUD lending, including underwriting, originations, closing, and asset management. He most recently served as co-chief operating officer and chief compliance officer at Dwight Capital, a top HUD lender that acquired the assets of Love Funding in 2020. Prior to that, he spent more than 21 years at Love Funding, serving as president for two years following numerous key roles including HUD/FHA chief underwriter for five years and head of production for six years. Camps is both an approved Section 232/LEAN underwriter and a MAP/Multifamily approved underwriter. In 2008, he 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.
“I’ve known Jon for more than 15 years, and I’m thrilled that he has joined Forbright to lead this effort,” said Amy Heller, President of the Healthcare Lending Division at Forbright. “His quarter century of experience leading all facets of the HUD business makes him uniquely qualified to head this important endeavor for Forbright. Our clients should expect the same bespoke, reliable, and customer-focused experience working with our HUD group that they have come to appreciate from the rest of our lending programs.”
“While we are excited about our new platform, we also value the deep relationships that we have built with many other HUD lenders over the years and look forward to continuing to work with them in the future,” added Heller.
About Forbright Bank
Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With over $4.5 billion of owned and managed assets, the Bank provides specialty lending and banking services to clients across the United States. Its Sustainable Finance, Healthcare, and Specialty Lending divisions provide nationwide lending products, including customized real estate loans, working capital, warehouse lines of credit, and forward loan purchase agreements. The Bank provides real estate loans, mortgage loans, and other business loans, as well as sophisticated and competitive deposit products, which will include deposits linked to decarbonization- and sustainability-oriented loans, to businesses and individuals through its Community Bank division.
Member FDIC as Congressional Bank. Congressional Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005055/en/
Contacts:
