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John Beacham, founder, and CEO of housing finance firm Toorak Capital Partners is convinced that the private mortgage industry needs to step up its efforts to address the country’s affordable housing shortage.
In an interview, Beacham said to MPA that traditional sources of funding [GSEs and banks] are not supporting the [housing] sector well.
There is a real need for private finance to solve this problem. Directly or indirectly, this has a major impact on affordable housing and the current housing crisis that we are experiencing today. So that’s where Toorak Capital comes in.
Beacham described Toorak as a private version of Freddie Mac and Fannie Mae. The company provides lenders in the United States and the United Kingdom with consolidation and term loans for single and multi-family properties.
Beacham also explained why Toorak is focusing on investing in affordable single-family homes, which he says are cheaper and more environmentally friendly than single-family homes.
Beacham said the city’s population is growing, our housing needs to increase with the population, and we’ve been behind that for a long time in this country.
Beacham thinks that this issue is not if multi-family properties are being sought, or if people live in condos or any type of large building.
Closer to the heart, the problem is that it is really difficult to enforce that. So it’s seen more as a supply issue than a demand issue, and we’re not doing well. We should look at the causes of these problems for many reasons.
We find that they are easily maintained when these affordable houses are built.
Reference Source: MPA
