TD Bank’s Commercial Lending Group in Connecticut closed a $50 million direct purchase bond facility that will finance nearly 300 mortgages for both low-to-moderate income borrowers purchasing their first homes and borrowers who have not owned a home in the past three years.
The bond facility was purchased for the Connecticut Housing Finance Authority and was closed by Andrew Webster, TD Bank senior relationship manager.
The deal represents a portion of a $175 million hybrid direct bond purchase and liquidity facility, which the CHFA recently closed in partnership with another unnamed lender.
Founded in 1969, the CHFA seeks to increase Connecticut’s housing supply and assist in the purchase, development and construction of housing for low-to-moderate income residents across the state. The CHFA only recently began working with lenders to purchase bonds.