Loan Programs

Multifamily Housing

Acquisition or Refinance

The HUD 223(f) program provides non-recourse financing for the purchase or refinance of existing market rate, affordable, or age-restricted multifamily properties nationwide.

Qualified properties can secure:

  • 35 year Fixed Rate
  • Fully Amortizing
  • Non-recourse Financing
  • Secure 80% LTV cash-out

Properties can also be assumed by investors and retain the original interest rate, making HUD an excellent option for both long term investors or short term holds.

Market rate properties qualify for 85% LTV, 87% for Affordable, and 90% for projects that have 90% or greater of their units with rental assistance. Capital improvements can be completed as part of the process up to ~$35,000 per unit, and reserve deposits are a mortgageable cost.

Typically, the 223(f) program takes about 3-4 months to complete, and provides the best terms available for acquiring and refinancing projects. To qualify, properties must have been constructed at least three years ago, and must have an average occupancy rate of 85% or higher for three months. 

The first step in the process is a formal discussion with HUD - called a "Concept Meeting" before any third parties are secured or money is spent. This "pre-loan committee" provides comfort before moving into the formal underwriting process. Bedford Lending does not charge up-front, or pro-rated fees, we only receive our finance fee at successful closing. 

Creative Solutions

We combine our HUD programs with Advisory services to arrive at finance solutions for apartment owners and developers nationwide. We are a direct lender, not a broker or intermediary. 

We have extensive experience in underwriting and funding deals for the following property types:

1. 100% Market Rate Projects

2. Section 8 (HAP Contract) Properties

3. Mixed Use (Maximum 25% commercial)

4. Historical Tax Credits Transactions

5. Low Income Housing Tax Credits

6. Non-Profit Affordable Housing


  • 35 Year Fixed Rate
  • Non-Recourse
  • Assumable
  • Declining Prepayment
  • 80% LTV Cash Out
  • 3-4 Month Processing Time