The CEO of a national end-to-end risk mitigation company says their platform opens doors to lenders that want to enter the construction market.
Leaders at CFSI Loan Management in Colorado say that at most lending institutions, construction loans make up less than 10% of originations due to the challenges and complexities of managing these transactions.
The company has completed more than 150,000 project inspections, 50,000 funding draws, and 25,000 project feasibility reviews. More than $15 billion in construction projects are being managed through CFSI’s construction lending platform, according to a press release.
Brian Mingham, founder and CEO of the company, was working in the mortgage business when the idea for CFSI was conceived. He says he saw the value in…
Housing construction slid again in November as inflationary pressure and high rates kept demand down. Residential starts fell 0.5% from October to an annualized rate of 1.43 million, down 16.4% from the same time last year, according to data from the U.S. Census Bureau. This is the third consecutive decline for these data. Economists surveyed by the Wall Street Journal predicted starts would fall to 1.4 million from October’s initial estimate of 1.43 million. Single-family starts dropped 4.1% month-over-month to an annualized rate of 828,000. This is their lowest level since May 2020. Permits for new homes fell 11.2% to a rate of 1.34 million. Single-family permits tanked by 7.1% to their slowest pace since 2020. Permits offer an indication…
Mortgage applications for new home purchases fell 15.2% year-over-year (YOY) in October but increased 6% month-over-month (MOM), according to the Mortgage Bankers Association’s (MBA) latest Builder Application Survey. The increase from September puts MBA’s estimate of new home sales at its strongest pace since January 2021. “Purchase activity continues to be dominated by higher loan balance transactions, which pushed the average new home loan size up to over $412,000, another new record in the survey,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Recent U.S. Census data show an increasing share of new sales are for homes yet to be built or still under construction, and a shrinking share of completed homes. Housing demand remains strong,…
