Red Mortgage Capital recently closed a $22 million portfolio with a joint venture between Related Affordable and the Texas Housing Foundation (THF). The funding will enable Related to substantially rehabilitate 14 properties located in 12 rural Texas communities, preserving the affordability of 556 housing units.
The loans were made using the USDA Rural Development program. All of the properties had existing USDA 515 debt outstanding, which, pursuant to USDA 538 program guidelines, was restructured as part of this long-term preservation initiative.
Related selected RED Based on their distinguished track record of underwriting, funding and servicing USDA RD loans. Red Mortgage Capital is one of the top five lenders in the RD program.
The portfolio includes properties in the following communities throughout Texas, some with populations below 2,000: Albany, Bastrop, Baytown, Burkburnett, Castroville, Electra, Elgin, Evant, Hondo, Lampasas, Beeville, Pflugerville, and Round Rock.
