Closings

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.

4 Buildings Portfolios, $2,000,000 Cash Out

$5,000,000 Loan
4.95% Fixed Rate
$2,000,000 Cash Out
35 Year Term

Bedford Lending refinanced a portfolio of properties located in a downtown area. The owners purchased the buildings at a discount and completed some minor repairs which increased the value of the properties.

Our HUD loan was structured with a blanket first mortgage on four buildings and the proceeds paid off a bank loan and provided the client with $2,000,000 equity cash out. The borrowers plan to use the proceeds to acquire more distressed properties.

92.5% Acquisition

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

BLC provided an $8,500,000 HUD loan to finance the acquisition of a140unit apartment building. The purchase price was $9,500,000 and there were approximately $300,000 in closing costs and reserves. The loan was structured with an 85% HUD first mortgage and 7.5% seller second mortgage. It should be noted that the property appraised for $10,000,000. As a result, we were able to provide financing based on the appraised value rather than the purchase price thus able to fund most of the closing fees.

98% New Construction

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

Bedford Lending processed and funded a HUD loan for the land acquisition and construction of a 60 unit apartment building. The total project cost was $5,700,000, comprising $1,000,000 for the land acquisition and $4,700,000 for construction costs. BLC funded a $5,100,000 non-recourse, 40 year first mortgage and credited the client with a $450,000 builders profit credit. The combination of the loan and credit provided 98% financing.

Distressed Acquisition and Rehab - 10 Buildings

$9,000,000
250 Units
Non-Recourse
40 Year Fixed Rate

Our client acquired 10 apartment buildings totaling 250 units for $4,000,000 and funded the acquisition with an 80% first bank mortgage and 20% seller mortgage; they had no equity in the deal. At the time of the acquisition, the property was only 50% occupied and suffered from years of deferred maintenance.

Our client was seeking refinancing to pay off the first and second mortgages and to complete $5,000,000 in property improvements. Their loan was denied by all lenders because they would not underwrite on future occupancy and because the client had no equity in the deal. BLC evaluated the request and determined the opportunity was a value purchase and as a result funded a HUD loan for $9,000,000 that paid off the mortgages and funded the capital improvements. The property is now 95% occupied and is producing strong cash flow.

Bedford Lending funded us 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

Our Finance Options

Permanent Mortgages
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Credit Enhancements
Mezzanine Debt
Fixed and Adjustable Loans
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Sale Leaseback Financing
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Tax Credit Financing