Loan Programs

Multifamily Housing

Acquisition or Refinance

Our direct HUD 223(f) program provides non-recourse financing for the purchase or refinance of existing market rate, affordable, or age-restricted multifamily properties nationwide.

Eligible properties can secure:

  • 35 year Fixed Rate
  • Fully Amortizing
  • Non-recourse Financing
  • 80% LTV Cash-out
  • No affordable units required, can be 100% market rate

All HUD loans can also be assumed by investors and retain the original interest rate, making HUD an excellent option for both long term investors or short term holds.

Market rate properties qualify for minimum 85% LTV financing, which increases to 87% for Affordable, and 90% for projects that have 90% or greater of their units with rental assistance (Section 8, etc). Capital improvements can be completed as part of the process up to ~$35,000 per unit, and reserve deposits are a mortgageable cost. Unlike HUD's 221(d)(4) construction or rehabilitation program, repairs and improvements completed under the 223(f) program do not require Davis Bacon wage rates, and typically require limited architectural and contractor costs.

The 223(f) program takes about 3-4 months to complete, and provides the best terms available for acquiring and refinancing multifamily projects. To qualify, properties must have been constructed at least two and a half years ago, and must have an average occupancy rate of 85% or higher for three months. 

The first step in the loan process is a formal discussion with HUD - called a "Concept Meeting", before any third parties are secured or money is spent. This "pre-loan committee" provides comfort before moving into the formal underwriting process. Additionally, Bedford Lending does not charge up-front, or pro-rated fees, we only receive our finance fee at time of a successful closing. We are a direct lender, not a broker or intermediary.

Creative Solutions

We combine our HUD programs with advisory services to arrive at finance solutions for apartment owners and developers nationwide. We invite you to contact us to run a free analysis on your proposed transaction to see the benefits of HUD financing.

We have extensive experience in underwriting and funding deals for the following property types:

  • 100% Market Rate Projects
  • Section 8 (HAP Contract) Properties
  • Mixed Use (Maximum 20% commercial)
  • Historical Tax Credits Transactions
  • Low Income Housing Tax Credits
  • Non-Profit Affordable Housing


  • 35 Year Fixed Rate
  • Non-Recourse
  • Assumable
  • Declining Prepayment
  • 80% LTV Cash Out
  • 3-4 Month Processing Time