Featured
40 Unit RAD Converstion
Developer’s Fee secured
35 year low fixed interest rate
Non-recourse financing
Bedford Lending provided a permanent 35 year fixed rate, 223(f) loan for an affordable housing project in the Northeast. The property was refinanced as part of a RAD conversion which allowed all of its public housing units to convert to long-term Project Based Rental Assistance
The owners secured a 10% Developer's Fee, funded over $500,000 in capital improvements, and established a replacement reserve account with over $475,000.
We frequently find solutions for requests that other lenders struggle to underwrite.
Affordable Housing Closings
64 Unit HUD 202
$300,000 in Capital Improvements completed
Owner received over $40,000 developer's fee
35 Year Fixed Rate
Non-Recourse
Bedford recently funded the refinance of this 64 Unit Section 202 elderly housing located in Berlin, NH. The financing allowed the owner to pay-off the first mortgage and fund over $300,000 in capital improvements. The refinance also resulted in lower mortgage payments, which was used to increase deposit to replacement reserves and to provide additional support services for residents. Bedford Lending was also able to secure a $40,000 developer's fee for the non-profit agency that was responsible for the oversight of this property. The client, a non-profit agency that develops affordable housing throughout the state, was extremely satisfied with the outcome of the refinance.
Section 202 Refinance, 15% Developer's Fee
Bedford Lending provided a $6.5mm permanent 35 year fixed rate, 223(f) loan for a Section 202 property in the South. Bedford Lending paid off the existing debt, and funded over $2.2mm in capital improvements, including many energy efficiency measures which will result in significant annual savings.
The owners also secured a 15% Developer's Fee and funded a large replacement reserve deposit.
Elderly & Handicap 202 Refinance
Bedford recently funded the refinance of this Elderly & Handicap Section 202 property. The financing allowed the owner to pay-off the first mortgage and fund over $500,000 in capital improvements. The property was over 25 years old and had many capital improvement needs.
Bedford Lending was also able to secure a generous developer's fee for the non-profit agency that was responsible for the oversight of this property. The client was extremely satisfied with BLC's experience and ability to provide a creative finance solution.
Section 202 Elderly Refinance
Bedford Lending recently funded the refinance of this 11 unit elderly/special needs housing in Northcumberland, NH . The refinance allowed the owners to install a new chairlift and complete over $100,000 in upgrades and repairs for the property including new siding and windows, paving. Traditionally smaller section 202 properties have been more difficult to process, but BLC was able to work closely with the Manchester HUD office and obtain some underwriting concessions to achieve a successful refinance.
Affordable Senior Housing
The refinance funded through Bedford Lending allowed the 202 property owner to payoff the current mortgage and fund $500,000 in capital improvements and cover related closing fees. The interest rate was reduced from 9.25% to 5.95%. The improvements to the property included a heating conversation, purchase of abutting land for the development of a new parking lot.
This refinance provided the residents and principles of the property with more parking spaces and greater accessibility to the property. Without the refinance, the owner would have been unable to accomplish these improvements, as he did not have sufficient funds in his replacement reserves and was unable to obtain a flex subsidy loan from HUD.