Bedford Lending recently refinanced a six building portfolio located in a downtown area in the Northeast. The owners had purchased the properties at a discount over a number of years, and through renovations and appreciation, had built a considerable amount of equity. The $2,750,000 refinance paid off a local bank and provided the borrowers with a $1,500,000 equity cash out. The borrowers will now use the remaining funds to acquire more properties and complete even more upgrades to their existing ones.

Bedford Lending financed a 20 unit apartment complex in the Northeast. The proceeds paid off a local bank and provided the borrower a $101,000 cash out which will be used to acquire another property. The new loan lowered the borrower’s rate from 8% to 6.8% and extended the fixed rate from 3-10 years. The property consists of 20 (1) bedroom units situated on .15 acres in a downtown area. The 21,400 SF, 4 story building was constructed in 1894.

Bedford Lending funded a $1,100,000 refinance on an apartment building in the Northeast that paid off a $500,000 bank loan and provided a $600,000 cash take out. The property consists of 14 (2) bedroom units situated on 2 acres. The C+ property was built in the 70’s and the tenant mix comprises a mix of Section 8 and market rate tenants. The borrower noted that many banks declined the cash take out request and the best rate could secure was 8.25%.

Bedford Lending provided financing for a client to acquire and rehab a 120 unit apartment complex. The property sold for $4,000,000 and the rehab cost were $2,000,000. The building was only 50% occupied and suffered from deferred maintenance. BLC's $5,100,000 loan funded 85% of the acquisition and rehab cost and the seller held back a 7.5% second mortgage.