The move seeks to generate income for the mission of CPC
Nonprofit finance company Community Preservation Corp. has announced the launch of CPC Mortgage Company to spin off its agency lending business.
The standalone mortgage company will reportedly concentrate on Freddie Mac, Fannie Mae, and Federal Housing Administration loans for acquisition, refinance, rehabilitation, and construction for multifamily properties.
According to the company, its agency lending team has worked under the CPC umbrella for the last few years.
“The launch of CPC Mortgage Company brings our trademark dedication and ability to execute to borrowers looking for the opportunities that agency products offer,” said Sadie McKeown, CPC’s executive vice president and chief operating officer. “It’s not just about originating – we’re here to build relationships and put our borrowers in the best position to be successful for the long term.”
The company said the revenue generated by CPC Mortgage Company will aid the nonprofit mission of CPC, given capital solutions to help convert underserved neighborhoods through investments in housing.
“It was important to us that CPC Mortgage Company not just be successful, but that it helps to further the nonprofit mission of CPC and that it’s true to our core values,” said Rafael Cestero, president and CEO of CPC. “Having products that target affordable housing and small buildings is a perfect fit. Those are areas where our decades of experience put us in a position to provide unmatched value to our customers and communities.”
