Closings

Featured
New Construction – 83.3% Financing
$21,175,000 HUD 221(d)(4)
144 Unit Apartment Construction
Non-Recourse
40 Year Term

Bedford Lending provided financing for the construction of a 144 unit apartment project located in Bedford, NH. In addition to the main buildings, the project includes a dog park, club house, and underground parking. Bedford Lending worked with the borrower from start to finish and provided the client with the longest fixed loan term, largest mortgage amount, and lowest equity requirement of any finance program available. Additionally the loan is assumable and non-recourse.

Multifamily Housing

Construction or Rehabilitation

New Construction – 88 Units

$7,100,000
88 Units
Non-Recourse
40 Year Fixed Rate

Bedford Lending was engaged as a lender and advisor to develop a finance solution for the new construction of an 88 unit multifamily development. By utilizing HUD financing combined with a premier market, the principals are able to maximize their cash flow with a higher mortgage amount than could be provided by banks, low construction costs, and strong rental demand.

As with all HUD new construction projects, the loan has a 40 year fixed rate, is non-recourse and can be assumed.

97% Acquisition & Substantial Rehab

$5,700,000 HUD 221(d)(4)
72 Unit Apartment Conversion
Non-Recourse
40 Year Term

Bedford Lending provided financing for the acquisition and rehab of a 72 unit apartment conversion. The municipal building had been vacant for 5 years and we worked closely with a local developer/builder to develop an optimal finance solution. The builder exchanged his builder's profit for an equity credit and the combination of our 40 year term and credit provided 97% financing. The developer subsequently sold the property to a client that converted the property into condos.

HUD and Tax Credits -100% Financing

$14,000,000
150 Units
Non-Recourse
40 Year Fixed Rate

Bedford Lending was engaged as a lender and advisor to develop a finance solution for the acquisition and rehab of a 150 unit apartment project. Due to our extensive tax credit knowledge we were able to secure $4,000,000 in Federal Tax Credits, $4,000,000 in State Tax Credits and $1,500,000 CDBG.

The credits, combined with our direct HUD loan, provided the client 100% financing. The client is now looking for a second property to develop.

Apartment Building Refinance

$3,300,000
3.7% Fixed Rate
35 Year Term
$171,255 Annual Savings

Bedford Lending provided financing for a client to refinance their 92 unit apartment complex. The $3.3M loan paid off the bank loan and funded capital improvements. The loan lowered the interest rate from 6.25% to 3.7% and extended the term from 15 to 35 years, resulting in a $171,255 saving in annual mortgage payments. The new loan is non-recourse and has an assumable feature which will allow the owner to transfer the property to their children in the coming years.

Cash-Out Refinance

$8,500,000
140 Unit Apartment
Non-Recourse
30 Year Term

BLC provided an $8,500,000 loan to refinance the acquisition of a140 unit apartment building. The refinance provided our client with $2,000,000 cash-out which will be used to acquire another property. The loan was structured with a 30 year fixed rate, non-recourse loan.

98% New Construction & Subsequent
A7 Loan

$5,100,000 HUD 221 (d) (4) & A7 Loan
60 Unit Apartment
Non-Recourse
40 Year Term

Bedford Lending processed and funded a HUD construction loan in 2006 that provided 98% financing for our client. In 2012, the client refinanced the loan under our condensed HUD A7 loan program and reduced the rate from 6.35% to 3.85%. The loan balance was rewritten back to the original balance and we used a portion of the equity to increase the replacement reserves. The new loan saves the client approximately $100,000 a year.

Blanket Apartment Acquisition

$5,200,000
50 Units
Non-Recourse
30 Year Fixed Rate

Bedford Lending provided financing to our client to acquire five scattered site apartment buildings totaling 50 units in the Northeast. The loan provided 83.3% financing of the acquisition price and improvements. The loan was structured with a 30 year fixed rate non-recourse mortgage.