Century loan origination totals from 2013 show a considerable increase from the previous year, totaling over $99M. Demand for bridge loans rose to more than $53M, followed by construction and acquisition loans. Upon completion, Century developments financed in 2013 will contribute 1,948 new homes to California’s affordable housing stock.
Much of our growth can be attributed to the success of the Golden Stage Acquisition Fund program, a partnership between the CDFI community and the California Department of Housing and Community Development. Century clients have embraced the high LTV offering and with the help of our responsive service and flexibility Century is leading GSAF originations with nearly $75M in financing to date, 89% of the program’s total output.
Please visit Century’s Golden State Acquisition Fund page for details.