Featured
223 (a) 7 Refinance
$30,307,000
Refinance saved clients $779,000
35 Year
Non Recourse
Bedford Lending was engaged to: (i) complete due diligence (ii) develop an optimal
funding solution (iii) evaluate construction costs and (iv) assist the client in
securing a $475,000 Community Grant which was needed to bridge the equity requirement.
BLC worked closely with the Housing Agency and was instrumental in securing the
community grant. In addition, we recommended using modular construction, which saved
the client an estimated $300,000.
Results: Bedford Lending processed and funded a 40-year, non-recourse 90%
construction to permanent mortgage. Between the grant and HUD financing the loan
structure provided 100% financing and the borrower was only responsible for funding
the working capital and initial operating deficit.
Healthcare Closings
80 BED ALZHEIMERS FACILITY
$6,200,000 HUD 232
90% LTV
Non-Recourse
40 Year Term
A successful nursing home operator, with two facilities, wanted to expand into the
assisted living market. Our assessment... he didn't fully understand many of
the critical strategic business issues, niche market opportunities, development
issues, and financial options. Bedford Lending researched the long-term care market
for niche opportunities, modeled the creation of a new Alzheimer's facility
and prepared an analysis detailing all the financing options.
Results: Bedford assembled the development team and financed the loan with
a 232 HUD loan. The loan was structured with a 40 year, fully amortizing non- recourse
note.
95% Acquisition Financing - Assisted Living
Bedford Lending secured financing for the acquisition of a 30 -bed assisted living
facility in the Southeast. At the time the tenants had been leasing the property
for 3 years and had the first option to purchase the property.
The loan was structured with an SBA loan guarantee and a fixed 25-year loan. Under
the program, the SBA requires 10-20% down payment, however due to BLC's extensive
SBA knowledge, we secured approval to use a portion of the rent payments as a credit
towards the purchase price. As a result, the client only needed 5% equity to close
the loan.