New Construction – 88 Units

$7,100,000
88 Units
Non-Recourse
40 Year Fixed Rate

Bedford Lending was engaged as a lender and advisor to develop a finance solution for the new construction of an 88 unit multifamily development. By utilizing HUD financing combined with a premier market, the principals are able to maximize their cash flow with a higher mortgage amount than could be provided by banks, low construction costs, and strong rental demand.

As with all HUD new construction projects, the loan has a 40 year fixed rate, is non-recourse and can be assumed.

97% Acquisition & Substantial Rehab

$5,700,000 HUD 221(d)(4)
72 Unit Apartment Conversion
Non-Recourse
40 Year Term

Bedford Lending provided financing for the acquisition and rehab of a 72 unit apartment conversion. The municipal building had been vacant for 5 years and we worked closely with a local developer/builder to develop an optimal finance solution. The builder exchanged his builder's profit for an equity credit and the combination of our 40 year term and credit provided 97% financing. The developer subsequently sold the property to a client that converted the property into condos.

HUD and Tax Credits -100% Financing

$14,000,000
150 Units
Non-Recourse
40 Year Fixed Rate

Bedford Lending was engaged as a lender and advisor to develop a finance solution for the acquisition and rehab of a 150 unit apartment project. Due to our extensive tax credit knowledge we were able to secure $4,000,000 in Federal Tax Credits, $4,000,000 in State Tax Credits and $1,500,000 CDBG.

The credits, combined with our direct HUD loan, provided the client 100% financing. The client is now looking for a second property to develop.

Apartment Building Refinance

$3,300,000
3.7% Fixed Rate
35 Year Term
$171,255 Annual Savings

Bedford Lending provided financing for a client to refinance their 92 unit apartment complex. The $3.3M loan paid off the bank loan and funded capital improvements. The loan lowered the interest rate from 6.25% to 3.7% and extended the term from 15 to 35 years, resulting in a $171,255 saving in annual mortgage payments. The new loan is non-recourse and has an assumable feature which will allow the owner to transfer the property to their children in the coming years.

Cash-Out Refinance

$8,500,000
140 Unit Apartment
Non-Recourse
30 Year Term

BLC provided an $8,500,000 loan to refinance the acquisition of a140 unit apartment building. The refinance provided our client with $2,000,000 cash-out which will be used to acquire another property. The loan was structured with a 30 year fixed rate, non-recourse loan.

98% New Construction & Subsequent
A7 Loan

$5,100,000 HUD 221 (d) (4) & A7 Loan
60 Unit Apartment
Non-Recourse
40 Year Term

Bedford Lending processed and funded a HUD construction loan in 2006 that provided 98% financing for our client. In 2012, the client refinanced the loan under our condensed HUD A7 loan program and reduced the rate from 6.35% to 3.85%. The loan balance was rewritten back to the original balance and we used a portion of the equity to increase the replacement reserves. The new loan saves the client approximately $100,000 a year.

Blanket Apartment Acquisition

$5,200,000
50 Units
Non-Recourse
30 Year Fixed Rate

Bedford Lending provided financing to our client to acquire five scattered site apartment buildings totaling 50 units in the Northeast. The loan provided 83.3% financing of the acquisition price and improvements. The loan was structured with a 30 year fixed rate non-recourse mortgage.