Lancaster Pollard Holdings, Inc. consists of four wholly owned subsidiaries providing capital funding and financial advisory services. Headquartered in Columbus, Ohio, the firm has regional banking offices in Atlanta, Austin, Denver, Kansas City, Newport Beach and Philadelphia. Lancaster Pollard & Co. underwrites taxable and tax-exempt bonds and is a registered broker/dealer with the Securities and Exchange Commission (SEC) and a member in good standing of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). Lancaster Pollard Mortgage Company underwrites and services mortgage loans insured or guaranteed by governmental agencies, including Fannie Mae, the Federal Housing Administration (FHA), Government National Mortgage Association (GNMA) and United States Department of Agriculture (USDA) and is a U.S. Department of Housing and Urban Development (HUD)-approved LEAN and Multifamily Accelerated Process (MAP) lender. Lancaster Pollard Finance Co. LLC provides balance sheet financing. The Propero® Seniors Housing Equity Fund LLC provides equity financing for the new development and acquisition of seniors housing and care properties.
Lancaster Pollard has been purposely designed to specifically meet key financial needs of our target markets.
Lancaster Pollard began in 1988 as an underwriter of fixed-income securities for Ohio long-term care providers. The founders recognized that this market was under-served but saw the long-term growth potential. At the time, most of the financial services firms serving the long-term care (or senior living) market were not specialists in the sector. Lancaster Pollard took advantage of the opportunity, realizing the firm could recommend more advantageous capital funding solutions to its clients by specializing in the senior living sector.
Lancaster Pollard worked quickly to become part of the fabric of the Ohio senior living community. It established a strong relationship with its clients, developed relationships with other professional service firms that served the long-term care sector and became a business member of key state associations. Business began to grow because of satisfied clients that supplied “word of mouth” advertising and testimonials, as well as referrals from professional service firms that worked with Lancaster Pollard (what we now call marketing partners).
In 1990, Lancaster Pollard Mortgage Company was established to provide more financing options to the senior living sector. The mortgage company received HUD lender status two months later and started servicing its loan portfolio in 1996. In 1997, the mortgage company received GNMA lender status. FHA and GNMA programs provide financing for many clients who may not qualify for other options.
As Lancaster Pollard’s ability to offer more funding options continued to grow, one constant has been our attention to credit assessments. The firm has always believed that the key to determining an organization’s credit worthiness is the right balance of quantitative and qualitative analyses. Quantitative analyses, including ratio analyses, trend analyses, occupancy levels and utilization are all numerical indicators of an organization’s credit strength. However, qualitative analysis becomes particularly important in tighter credit markets.
By thoroughly understanding the sectors in which we do business, we develop better qualitative analyses and can better articulate an organization’s credit strengths. This thoroughness paid off during the assisted living building boom and subsequent over-saturation during the 1990s. During this difficult time for the industry, none of Lancaster Pollard’s bondholders suffered losses while other firms were working through a series of defaulted projects.
Beginning in 2000, the company focused on geographic and sector expansion. In 2000, the office in Lawrence, Kan., opened. In the summer of 2003, the regional office in Atlanta opened. Lancaster Pollard also extended its health care expertise to community and rural hospitals starting in 2001 with strong market penetration in Michigan and Indiana. Additionally, Lancaster Pollard extended its presence in the affordable housing sector, gaining USDA lender status and closing its first USDA Sec. 538 deals in 2003. In 2004, Lancaster Pollard closed its first two FHA Sec. 242 loans for hospitals in Texas and Ohio and significantly bolstered its affordable and market rate rental housing efforts and staffing. Lancaster Pollard continued its regional expansion by opening offices in Austin, Texas, in 2005, in Newport Beach in 2009, in Philadelphia in 2011 and Denver and Minneapolis in 2015.