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64 Unit 202 - HUD Insured Loan

  • $300,000 in Capital Improvements completed
  • Owner received over $40,000 developer fee
  • 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.

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.

HAP Contract

Bedford Lending recently funded a refinance for a 24 Unit Section 202 property in New England. The financing allowed the client to payoff the first mortgage, fund over $300,000 in capital improvements and cover related closing fees. The interest rate was reduced from 9.25% to a rate below 6%. The improvements included a heating conversation, new roof, paving, new appliances and various upgrades to the individual units.

Bedford Lending worked closely with the client and the local HUD office to ensure that the mortgage payment and subsidy payment remained the same. Additionally, we assisted the operator in renewing their HAP contract for another 20 years. The new loan benefits HUD, the residents, and owners by increasing the property value, lowering heating costs, and providing the residents with improved living quarters.

$850,000 Refinance

Coming soon

Bedford Lending funded a $9,000,000 construction loan that paid off our bank and provided over $5,000,000 in funds to rehab our 250 apartment units. We acquired the distressed properties with 100% financing (80% bank - 20% seller financing) and at the time the properties were in disrepair and less than 50% occupied. Based on their knowledge, BLC underwrote the loan using the market potential and they were the only lender that looked at the upside. We are now 95% occupied and the portfolio has doubled in value. I plan to use them on all my loans."

- Bill J., Baltimore, MD

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