Frequently Asked Questions
Here are some of the questions we hear most often about our company, the types of services we provide, the application and approval process, and about general issues. Click a question to jump down top the answer, or scroll the page to review all of our answers to FAQ's.
When was Bedford Lending formed?
Why work with Bedford Lending?
What type of healthcare facilities does Bedford Lending finance?
What types of apartment properties can be financed with HUD and USDA programs?
What are some of the benefits of HUD Financing?
What other equity sources can be used with HUD and USDA loan programs?
How long does it take to close a HUD Loan?
Do the tenants have to be low income?
Does Bedford Lending have any geographical preferences?
What separates Bedford Lending from other HUD Lenders?
When was Bedford Lending formed?
Bedford Lending is a mortgage banking company founded in 1992 by Wayne Jean, currently the President of Bedford Lending. .Bedford Lending has closed over $3 billion in Senior Housing, Healthcare, and Apartment loans nationwide.
Why work with Bedford Lending?
Bedford Lending is both a HUD and USDA lender and also has extensive knowledge is a wide variety of tax credit programs. We often combine the services to arrive at creative finance solutions for apartment, healthcare and hospital owners and operators. The company is comprised of Senior Lenders and Industry Specialist who average 30 years of lending and consulting experience. We start each assignment by carefully evaluating our client's goals and then complete a comprehensive financial analysis that compares and contrasts all finance options. Each loan is then underwritten and managed by a senior partner to ensure timely closings.
What type of healtcare facilities does Bedford Lending finance?
- Assisted Living facilities
- Independent Living
- Congregate Care facilities
- Nursing Homes
- Res Care Facilities
- Acute Care Hospitals
- Critical Access
- Specialty Hospitals
- Large Urban Teaching Hospitals
- Hospitals in System
- For-Profit, Not-for-Profit, and Government-Owned Hospitals
What types of apartment properties can be financed with HUD and USDA programs?
- Conventional acquisition and refinances
- New construction and rehabs
- Repositioned properties (i.e., mill)
- Blanket Properties that need renovation
- Distressed purchases that have upside -properties that are over leveraged, poorly managed, suffer from deferred maintenance and/or have high vacancy can still qualify under the program if the market and projected cash flow can be documented.
- Senior Housing - 62 and Older
- Single Room Occupancy (Rooming House)
What are some of the benefits of HUD Financing?
- Non Recourse
- 35-40 Year fixed rates
- 75-90% loan to values
- Low interest rates
- Loans are assumable
- Prepayment penalties are flexible
- Programs allow second mortgages in the future
- Acquisition programs allow seller financing
- Can use builders profit credit to reduce equity requirement
- Can use tax credits in conjunction with the HUD programs
What other equity sources can be used with HUD and USDA loan programs?
- Historical Tax Credits
- 4 & 9 % Low Income Tax Credits
- New Market Tax Credits
- TIF Funds
- Tax Abatements
- CDB Grants
- Other public grants
- Entitled land value
- Builders profit credit
What is the first step?
The principals at Bedford Lending prepare a free financial analysis which compares and contrast all finance options. The analysis is accompanied by a detailed timeline that outlines the process and fees associated with each loan program.
How long does it take to close a HUD Loan?
Generally 60-90 days for refinance and acquisition loans and 120-180 days for new construction and rehab loans.
Do the properties have to be leased to low income tenants?
No, that is a common misconception. Properties can be 100% market rents, 100% low income (Section 8 or Hap contracts) or a combination of low income and market rates.
Does Bedford Lending have any geographical preferences?
No. Bedford Lending is a nationwide lender.
What separates Bedford Lending from other HUD Lenders?
The principals at Bedford Lending invest substantial time completing due diligence to ensure a loan request is viable. As part of our due diligence, we prepare a detailed financial analysis which outlines all the key finance assumptions and also complete a preliminary market analysis to document the market demand. Often times we consult with market specialists, appraisers, and other real estate professionals to validate the market and financial assumptions. All our loans are underwritten and funded by Senior Managers who average over 30 years experience. Bedford Lending has been in business since 1991 because we are ethical, hard working and honest, traits that have been loss by many companies. We invite new clients to call any of our clients for references.
We engaged Bedford Lending to evaluate refinance options and they prepared a detailed analysis showing us all the options. As direct HUD lenders they have extensive experience working with 202 owners and they held our hand through the entire process. I would recommend them to any owner/operator."
Our Finance Options
- HUD/FHA Construction
- HUD/FHA Permanent Loans
- USDA (538) Loans
- USDA Low Income Housing
- USDA Community Facilities Program
- HUD 202 Loans
- Non-Profit Affordable Housing
- Section 8 Loans
- HAP Contract Loans
- Conventional
- Low Income Housing
- Rural Affordable Housing
- 4% and 9% Tax Credit
- Federal & State Tax Credit
- New Market Tax Credit
- Bond advisory
- Private placement advisor
- Credit Enhancements
- SBA Loans
- Forward Commitments
- Bridge Loans
- Mezzanine Debt Fixed and Adjustable Loans
- Participation Loans
- Sale Leaseback Financing
- Distressed/Turnaround Properties
- Blanket Mortgages
Newsletter Signup
© 2009 Bedford Lending. All rights reserved.