Closings

Featured
64 Unit 202 - HUD Insured Loan
$300,000 in Capital Improvements completed
Owner received over $40,000 developer fee
Non Recourse
35 year low fixed interest rate
Non-recourse financing

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.

202 Program Closings

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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.