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.