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March 19, 1999

Celtic Financial Group LLC Announces New HUD Loan Program For Multifamily Loans

Judd A. Volk, President of CELTIC FINANCIAL GROUP LLC ("CFG"), today announced the ability to arrange HUD financing for apartment complexes, co-ops and health care facilities throughout the country.  Through its recent alliance with one of the nation's preeminent HUD lenders, CFG is now positioned to offer its clients the following non-recourse loan options:

  1. Refinances and Acquisitions
    • 35-year self-amortizing mortgages
    • Up to 85% LTV

  2. New Construction and/or Substantial Renovations
    • 40-year self-amortizing mortgages
    • Interest only construction, rolling into permanent loan (i.e., one closing)
    • Up to 90% of costs

These new programs serve as compliments to CFG's existing non-recourse financing programs for a variety of real estate assets.  While the HUD mortgages are slightly more expensive up-front, the advantages they offer are not available through traditional programs.  For example, the extremely long-term, self-amortizing aspect of these loans can be extremely attractive to owners or developers with long-range investment plans.  In addition, the loans are assumable, so even if you do not plan to hold the property for the loan term, the new owner can take over the existing mortgage.   Also, for the construction/renovation loans, the single closing eliminates the need to pre-arrange take-our financing and saves on closing costs.

Headquartered in Great Neck, New York, CFG is a real estate finance firm specializing in fixed-rate, non-recourse commercial and multifamily mortgages.  CFG has established three programs to finance a wide variety of properties:

  1. Standard Program
    • Covers all asset types, including multifamily, office, retail, hotel, industrial, self-storage, and manufactured housing
    • Loans starting at $1.0 million, with no maximum
  1. Small Multifamily Loan Program
    • Multifamily properties only with 5 units or more
    • Loans up to $3.0 million
  1. Small Commercial Loan Program
    • Retail, office and industrial properties only
    • Loans up to $2.5 million

For additional information contact:
Judd A. Volk, President
Celtic Financial Group LLC
60 Cutter Mill Road, Suite 402
Great Neck, NY 11021
(516) 466-0550 · (877) CFG-0550
Fax: (516) 487-5944
Email: cfg@celticfinancial.com
www.celticfinancial.com 

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Judd A. Volk, President
 60 Cutter Mill Road wpe6.gif (818 bytes) Suite 402 wpe6.gif (818 bytes) Great Neck, NY 11021
(516) 466-0550 wpe6.gif (818 bytes) Fax: (516) 487-5944

 All transactions where we act as a commercial mortgage broker will be handled under the letterhead of GCP Capital Group LLC

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Last modified: July 19, 2001