Hospital Reposition
- $9,100,00 HUD/Tax Exempt Bond
- 95% LTV
- Non-Recourse
- 40 Year Term
A client constructed a new $26,000,000 hospital with bond financing and needed a strategy to reposition their old hospital located 5 miles from the new facility. Bedford Lending was engaged to develop a finance solution and worked closely with a market specialist to indentify the highest and best use for the building. The property was renovated into an assisted living and memory impaired facility and receives referalls from the sister hospital.
Results: Bedford Lending underwrote and funded a HUD loan which credit enhanced a tax exempt bond. The loan was structured with a 40 year, fully amortizing non-recourse note and provided 95% financing.
Rehab Facility Refinance
- $21,000,000 HUD Loan
- 25 Year Fixed Rate
- Non Recourse
- 80% LTV
Bedford Lending was engaged to refinance an 80 bed rehab hospital. The HUD loan paid off a $17,000,000 REIT loan and established a $4,000,000 reserve for future improvements. The loan lowered the interest rate from 9% to 5.8% and extended the amortization to 25 years, resulting in a substantial monthly savings. The facility is now positioned for success.
My company engaged BLC to refinance our 80 bed hospital. They worked closely with us during the entire loan process and successfully underwrote and funded a loan that reduced our interest rate from 9% to 5.8% I highly recommend Bedford Lending and have engaged them for a new construction project."
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