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Franklin First Financial Ltd. has announced the launch of a new Project Development Division to work exclusively with condominiums and co-op developments. The new Division will assist these developments in securing or recertifying their approvals with Fannie Mae, the FHA, and/or the VA, as well as financing for the individual units. Each development will be assigned a dedicated mortgage team to work closely with all of the parties involved (the sponsor, the developer, the management company, the boards, the real estate agents, the owners and the buyers) to ensure the most streamlined and user-friendly mortgage experience industrywide.
“The trend of increasing new construction starts for large multi-family dwellings, coupled with the number of existing condos and co-ops that have lost their warrantability over the last several years, makes this a perfect time for Franklin First Financial to enter this market with a division specializing in project developments," said Janet Orozco Feller, Project Development Division director. "With the strong, diversified portfolio of mortgage products that we have built over the years and our traditional commitment to excellence, we expect to be on the forefront of this market before long, and we are very excited by the prospect.”